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A A A A A A A A
NEGOITABLE INSTRUMENT S
1 Overview 2 Issue on negotiable instrument 3 Endorsement 4 Acceptance 5 Guarantee 6 Payment 7 Dishonor and right of recourse 8 Protection of lost-instrument holders 9 Statute of limitations
1 Overview
1.1 Concept
Means of payment Constitute independent contract embodying a payment obligation and distinct from that of other contracts or transactions by virtue of which such instruments are issued
E Guarantor
Right-holder
1.2.2 Comparison
Comparison among bill of exchange, promissory note and cheque
Promissory note Self payment
Basic parties
Payers qualification
E Guarantor
Right-holder
Primary debtor
Secondary debtor
Parties to cheque
A Drawer
B Payee Endorser
C Endorsee Endorser
D Endorsee Bearer
A Drawer
B Payee Endorser
C Endorsee Endorser
D Endorsee Bearer
A Drawer
B Payee Endorser
C Endorsee Endorser
D Endorsee Bearer
payment or after the loss of the instrument, lostinstrument holder may apply to court for publication of public notice for assertion of claims
Holder other than the lost-instrument holder comes
forward to claim the rights during the foregoing withholding period, the litigation method shall be utilized
9 Statute of limitations
Statute of limitations
Limitation period Bearers rights against drawer & acceptor 2 years Sight draft and promissory note Cheques bearer against drawer 2 years 6 months Running from Maturity date Issuance date Issuance date
6 months
3 months
Date of rejection
Payment date or date being sued