The connection and difference between check, promissory note and bill of exchange

is an instrument issued by the drawer that entrusts the payer to pay unconditionally a determined amount to the payee or bearer at the sight of the bill or on a specified date.

Bills of exchange are divided into bank drafts and commercial bills of exchange, while commercial bills of exchange are divided into bankers' acceptances and commercial acceptances according to their acceptors.

According to the provisions of the Bills of Exchange Act, the concept of a bill of exchange generally includes five aspects:

1, the bill of exchange is issued by the drawer;

2, entrusted to another person to carry out the payment of a certain amount of money;

3, the payment of the amount of money on the face of the bill should be unconditional;

4, the amount of money to be paid should be a fixed date;

5, the amount of money is the amount of payment of a fixed date;

5, the amount of money is the amount of money on the face of the bill. p>5, the face amount is a payment to the payee or bearer.

There are three basic parties to a bill of exchange:

1, the drawer, i.e., the person who issues the bill;

2, the payer, i.e., the person who accepts the drawer's commission to pay the amount of the bill unconditionally;

3, the payee, i.e., the person who holds the bill of exchange and requests the payer to pay. The basic parties to the remittance are those who existed at the time of the issuance of the bill of exchange, and they are essential to the relationship of the bill of exchange.

The so-called promissory note,

is a note issued by the drawer, promising to pay unconditionally a determined amount to the payee or bearer at the time of meeting. The term "promissory note" here refers only to bank promissory notes.

Cashier's check and bill of exchange in the basic content has a lot in common, that is, are expressed in money; amount is determined; must unconditionally pay the amount of the ticket; payment period is also determined, etc.,

Cashier's check and bill of exchange is the most important difference between the maker of the bill of exchange to act as a payer, which is to say, the basic party of the cashier's check is only two, a drawer, but also payer; the other is the payee. The other is the payee.

The so-called check,

is issued by the drawer, entrusted to handle the check deposit business of the bank or other financial institutions at the sight of the unconditional payment of a determined amount of money to the payee or the bearer of the instrument.

Checks and bills of exchange compared to the difference between the two are mainly reflected in the following two aspects:

1, the drawer of the check must be a bank depositor, and the issuance of the check on the account of the full amount of deposits, the issuance of a blank check, to be subject to administrative penalties, and in serious cases to be pursued for criminal liability, the payer must be a bank and other legal financial institutions;

2, the check payment Mode of payment is limited to pay at sight, does not provide a regular payment date, therefore, the basic parties to the check are three: one is the drawer, that is, in the depositary bank has the corresponding deposit of the person who issued the instrument; two is the payer, that is, banks and other legal financial institutions; three is the payee, that is, the person who accepts payment.

(ii) the same

1. Have the same nature.

1) are the right to create securities. That is, the note holder with the rights recorded on the note, to prove its right to obtain property.

② are format securities. The format of the note (its form and record matters) are strictly regulated by law (i.e., the bill of lading), do not comply with the format of the validity of the note has a certain impact.

③ are word securities. The content of the rights of the instrument and all matters related to the instrument are based on the words recorded on the instrument, and are not affected by matters other than the words on the instrument.

④ All are negotiable securities. Claims of general debt deeds. If you want to transfer, you must obtain the consent of the debtor. And as a negotiable security of the note. Can be endorsed or not endorsed only to deliver the note of the simple procedures and free transfer and circulation.

5 are causeless securities. That is, the existence of the rights on the note only depends on the note itself. The text of the determination, the right to enjoy the rights of the instrument only to hold the instrument as a necessity, as for the right to obtain the cause of the instrument, the reason for the occurrence of the right of the instrument are not asked. These reasons exist or not, effective or not, and the right of the instrument in principle does not affect each other. Because of our country at present the note is not completely note law in the sense of the note. Just the way the bank settlement, this non-causality is not absolute.

2. Have the same function of the instrument.

①Exchange function, by virtue of this function of the note, to solve the spatial obstacles to cash payments between the two places.

② credit function, the use of bills can solve the cash payment in time obstacles. The note itself is not a commodity, it is a written payment certificate based on credit.

3 payment function, the use of bills can solve the cash payment in the formalities of the trouble. Bills through the endorsement can be transferred as many times in the market as a circulation, payment tools, reduce the use of cash. Moreover, due to the development of the bill exchange system, bills can be centrally cleared through the bill exchange center, simplifying the settlement procedures, accelerating the turnover of funds and improving the efficiency of the use of social funds.

(C) the differences

1. Promissory notes are agreed (agreed to pay myself) securities; bills of exchange are entrusted (entrusted to others to pay) securities; checks are entrusted with the payment of securities, but the trustee is limited to the bank or other legal financial institutions.

2. China's notes in the use of regional differences. Promissory notes are used only for the same city-wide commodity transactions and labor supply and other settlement of money; checks can be used in the same city or bill exchange area; bills of exchange in the same city and other places can be used.

3. Different payment terms. Promissory note payment period of one month, late payment bank inadmissible; our bills of exchange must be accepted, therefore, the acceptance of the expiration date, the holder of the bill into the universal payment. Commercial acceptances due date of the payer's account is insufficient to pay, its depositary bank should be commercial acceptances returned to the payee or endorsed by the bank to deal with. Banker's acceptance due date for payment, but the acceptance due date has passed into the holders did not ask for payment of how to deal with, "Bank Settlement Measures" does not provide for the loss of the industry banks have made some of their own supplementary provisions. Such as the Industrial and Commercial Bank of China, the provisions of the acceptance of more than 1 month after the date of the holder did not ask for payment, the acceptance is invalid. Check payment period of 5 days (endorsement of the transfer area of the transfer check payment period of 10 days. Calculated from the next day of issuance, the expiration date in the event of customary holiday postponed).

4. Bills of exchange and checks have three basic parties, namely, the drawer, the payer, the payee; and promissory notes only the drawer (payer and drawer is the same person) and the payee of the two basic parties.

5. The drawer of the check and the payer must first have a financial relationship between the issuance of the check; the drawer of the bill of exchange and the payer do not have to first have a financial relationship between the drawer and the payer; promissory note drawer and the payer of the same person, there is no so-called financial relationship.

6. The principal debtor of the check and promissory note is the drawer, while the principal debtor of the bill of exchange, before acceptance is the drawer, after acceptance is the acceptor.

7. Forward bills of exchange need to be accepted, checks are generally current without acceptance, and promissory notes do not need to be accepted.

8. The drawer of a bill of exchange guarantees payment on acceptance, and if there is another acceptor, the acceptor guarantees payment; the drawer of a check guarantees payment on the check; and the drawer of a cashier's check is responsible for payment.

9. The holder of a check or promissory note has recourse only to the drawer, while the holder of a bill of exchange has recourse to the drawer, the endorser and the acceptor during the validity period of the instrument.

10. Bills of exchange have duplicates, while promissory notes and checks do not.

11. Checks and promissory notes do not have a certificate of refusal of acceptance, while bills of exchange do.

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