OBJECTIVES công cụ thanh toán có thể chuyển nhượng đc, thay thế đc tiền, nhưng ra

đời trên cơ sở của hợp đồng

 explain the meaning of negotiable instruments;
 identify the various features of negotiable instruments; focus on 3 loại, ko có bank card vì ko sử
dụng trong giao dịch thực tế
 describe the various types of negotiable instruments; and

 differentiate between bills of exchange, promissory notes, and

cheques.

INTERNATIONAL PAYMENT
CHAPTER 3: MEANS OF SETTLEMENT

1 2

NEGOTIABLE INSTRUMENTS NEGOTIABLE INSTRUMENTS

nó là financial asset and should be negotiated or transferred in
unconditional: in the promise or order, we must not entry any condition the financial market
 • A negotiable instrument is “an unconditional promise or order  Assignment instrument shall be a valuable paper that
to pay a fixed sum of money, with or without interest or other unconditionally acknowledges a payment order or a payment
charged described in the promise or order” (In the US, commitment for a definite amount of money at a certain point of
negotiable instruments are governed by Articles 3 and 4 of the time (Law on assignment instruments, the law has been effective
Uniform Commercial Code (UCC), which is a set of model laws from 01 July 2006).
that facilitate the handling of banking and business transaction)
However, until now, this kind of instrument is just only negotiated between exporter or importer with the
bank, it is not sold commonly in the VNese market like the stock.
Khi doanh nghiệp cần tiền, thay vì mượn ngân hàng, họ can bán những giấy tờ có giá này ra ngoài thị
trường để thu vốn, ko phụ thuộc vào việc đi vay ngân hàng nữa. Nhưng hiện nay, hạn chế là chưa có sự
giao dịch giữa các ngân hàng với nhau, chỉ có lời hứa giữa doanh nghiệp với bank thôi => Thị trường mở
cửa hoàn toàn rất quan trọng cho doanh nghiệp để có vốn nhanh chóng

Đây là công cụ thanh toán nhưng chỉ bán cho ngân hàng thôi, ko phải giữa các cty với nhau

3 4

Trong 3 loại means of settlement, billl of exchange is the most popular and important

MEANING OF NEGOTIABLE INSTRUMENTS NEGOTIABLE INSTRUMENTS

 There are certain documents used for payment in business transactions and
are transferred freely from one person to another. Such documents are
called Negotiable Instruments.
 Thus, we can say negotiable instrument is a transferable document, where
negotiable means transferable and instrument means document. To elaborate
it further, an instrument, as mentioned here, is a document used as a means
for making some payment and it is negotiable i.e., its ownership can be
easily transferred.
 Negotiable instruments originated as a form of bill of exchange.
 A bill of exchange was a document made by a person instructing
another person to make payment to a third person or the bearer
of the document.
 Three kinds of negotiable instruments: bills of exchange,
promissory notes and cheques.

5 6
Có 3 loại: blank B/E (hối phiếu trao tay) and name hoặc order B/E (hối phiếu định danh),
endorse B/E
- Đối với To order B/E: chuyển nhượng (bán) đc vì nó là 1 tài sản nhưng phải ra văn phòng
công chứng nhưng ko phải bằng trao tay hay endorsement --> Việc bán Phúc tạp và ko phổ biến
=> Hạn chế trong vấn đề giao dịch nhưng lại an toàn giống như vận đơn => To order B/E là 1 loại hối phiếu phổ biến

Nếu trong trường hợp đk thanh toán là in advance --> Ko dùng B/E đc vì theo luật người bán phải hoàn tất
trách nhiệm giao hàng rồi thì mới đòi tiền đc (hoàn tất nghĩa vụ trên hợp đồng - cơ sở của nghĩa vụ kinh tế)
--> Là on demand hoặc future date thôi
NEGOTIABILITY OF BILLS OF EXCHANGE ELEMENTS OF NEGOTIABLE INSTRUMENTS
nghĩa chuyển nhượng
An instrument, which is legally considered as “negotiable”, has the  Negotiable instrument must be:
following characteristics: còn đối với To  • Payable to order or bearer
 It is transferable by delivery, or by endorsement and delivery. order B/E thì phải ra phòng  • An unconditional order or promise to pay
công chứng
 The legal title passes to the person who takes it in good faith, for  • Payable for a specific (fixed) amount of money
value, and without notice of any defect in the title of the transfer.  • Payable on demand or a specific future date chỉ có 2 trạng thái này thôi, ko có in advance
 The legal holder can sue in his own name.
 • In writing and signed by the person issuing the instrument
 Notice of transfer need not be given to the party liable on the
instrument. Thông báo chuyển giao không cần thiết phải được gửi cho bên chịu trách nhiệm về phương tiện. Nếu vi phạm 1 trong những điều này thì hối phiếu ko có giá trị thanh toán và
ko thể đi lấy tiền đc
 The title passes free of all equities or counterclaims between previous
Tại sao "unconditional"? --> Giải quyết nhu cầu vốn của người bán, mới có thể mua bán
parties of which the transferee has no notice. trên thị trường tài chính đc --> Ưu việt của công cụ tài chính, nếu có tranh chấp giữa người
Quyền sở hữu được chuyển giao mà không có bất kỳ quyền sở hữu hoặc yêu cầu phản tố nào giữa các bàn và người mua (giao hàng trễ,...) --> Giải quyết bằng hợp đồng nhưng vẫn phải trả tiền
bên trước đó mà bên nhận chuyển nhượng không có thông báo. trước rồi tính sau
Hối phiếu có thể đc bán cho bank hoặc người khác --> Người mua luôn luôn cũng phải trả tiền dù hàng có
hư hỏng hay tới chậm gì đó --> B/E luôn luôn có giá trị thanh toán (payable) và đc thoải mái mua bán trên
7 8 thị trường => Luật luôn luôn quy định là "unconditional promise to pay"
Ở 1 số nền kinh tế phát triển, bất cứ ai cũng có quyền issue hối phiếu đòi tiền mà ko cần bất cứ hợp đồng
thương mại nào hết. Why? --> Ở VN ko cho phép vì ko dựa trên 1 hợp đồng mua bán, ở nước khác thì luật
pháp quy định người chịu trách nhiệm trả tiền cuối cùng cho tờ hối phiếu là người bán (drawer) --> Sau này
người mua hối phiếu từ drawer ko đòi tiền đc từ drawee thì người đó có quyền đi đòi tiền drawer -->
Flexibility --> dễ dàng cho doanh nghiệp đòi tiền bất cứ lúc nào

Các công cụ này là do chủ thể của hợp đồng mua bán issue, ko phải bank
--> who is the drawer? --> Depend on what kind of negotiable instrument
CHECK EXAMPLE CHECK EXAMPLE

- B/E: drawer is the seller, là người chịu trách nhiệm thanh toán cuối cùng
- Promise: drawer is the buyer (có thể ký phát trước khi hàng đc giao)

9 10

CHECK EXAMPLE CHECK EXAMPLE

11 12
 Wednesday, September 30, 2020

BILL OF EXCHANGE (DRAFT) I. HỐI PHIẾU

 A draft, sometimes referred to as a bill of exchange, is the 1. Khái niệm, các bên liên quan
instrument normally used in international commerce to effect 2. Các nguồn luật điều chỉnh
payment. Đặc điểm cơ bản
3.
 A draft is simply an order written by an exporter instructing an
4. Tạo lập hối phiếu
importer, or an importer’s agent, to pay a specific amount of
money at a specified time. 5. Phân loại hối phiếu
6. Các nghiệp vụ liên quan đến hối phiếu

Faculty Finance and Banking 14

13 14

PARTIES TO NEGOTIABLE INSTRUMENTS

BILL OF EXCHANGE
 • The drawer – the person or party who writes the check
 • The drawee – the bank that holds the checking account
 • The payee – the person or party to whom the check is

 written

 • The endorser – the person or party who makes an endorsement

– the signature or mark made to negotiate the instrument

15 16

LIABILITIES OF THE PARTIES

 • The drawer is liable for paying the instrument even if it is
dishonoured by the drawee.
 • The drawee has an obligation to all drawers to pay checks
that are properly payable and therefore must accept all such
instruments for payment when presented.
 • The person or party who endorses and transfers an instrument
that is presented for payment and dishonoured must take the
instrument back and pay the amount. In this case, the instrument
must be returned, and notice of dishonour must be given, in a
timely manner in order for the endorser to be liable.
LIABILITIES OF THE PARTIES
 Another liability taken on by an endorser who transfers an
instrument is a warrant that there are none of the following
problems with the instrument:
 It is not stolen.
 It has not been altered.
 It does not contain any forgeries.
 No other person has a claim to it.
 The endorser does not have any knowledge that the drawee or
acceptor is unable to pay the item when it is presented.

17 18
 WHAT IS A BILL OF EXCHANGE
 Bill of exchange is an unconditional order in writing addressed by one BILL OF EXCHANGE
person to another , signed by the giving person to whom it is addressed
to pay on the demand or at a future date a certain sum of money to a  A bill of exchange is defined as:
specified person or bearer. (Sec 3, The Bills of Exchange Act 1882).  An unconditional order in writing;
 Addressed by one person (the drawer, exporter);

 A written order from one person (the payer) to another, signed by the  To another (drawee, importer…);
person giving it, requiring the person to whom it is addressed to pay on  Signed by the person giving it (the drawer);
demand or at some fixed future date, a certain sum of money, to either  Requiring the person to whom it is addressed (the drawee);
the person identified as payee or to any person presenting the bill of
 To pay;
exchange.
 On demand, or at a fixed or determinable future time;
Khi phát hành B/E thì người ta sẽ phát hành 2 cái y hệt nhau, it is all because the
practices (nếu phát hành cái 1 mà ko đòi đc thì phát hành tiếp cái 2)  A sum certain in money;

 To, or to the order of, a specified person, or to bearer (payee)

Ngày ký phát hối phiếu phải là ngày trùng hoặc sau ngày giao hàng thực tế (chứ ko phải
ngày giao hàng trên hợp đồng) --> Dựa vào B/L để biết ngày giao hàng thực tế này, nếu trc
thì invalid Gautam Kishor . FNU. TRI 3.2011 9/30/2020 19

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- Ngày giao hàng phải dựa vào đk FOB mà xác định ngày giao hàng thực tế (ngày onboard), shipper là người bán, carrier là người giao hàng, consignee là người nhận hàng
- TH trên vận đơn có 2 ngày onboard: Nếu hợp đồng cho phép \giao hàng từng phần thì dựa vào ngày giao hàng ngày đầu tiên, còn nếu ko cho phép giao từng phần --> ngày mà giao hết hàng mới đc tính là ngày
ký phát hối phiếu.
=> Cách làm hối phiếu dựa vào vận đơn

FEATURES OF A BILL OF EXCHANGE ELEMENTS OF BILLS OF EXCHANGE

i. A bill must be in writing, duly signed by its drawer, accepted by its  It must be unconditional

drawee and properly stamped  It must be an order
 ii. It must contain an order to pay.  It must be in writing
 iii. The order must be unconditional.  It must be signed by the person giving it
 iv. The order must be to pay money and money alone.  It must be addressed by one person to another
 v. The sum payable mentioned must be certain or capable of being  It must require payment of a certain in money
made certain.  It must be payable to or to the order of a specified person or to bearer
 vi. The parties to a bill must be certain.  It must be payable on demand or at a fixed or determinable future time

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1/ Phải có chữ này (theo luật VN và các nước châu Âu), nếu ký phát ở Anh thì ko cần thiết phải có => Căn cứ vào địa điểm ghi trên B/E (nếu có) vì đây là căn cứ cho việc chọn luật áp dụng, nếu ko có thì dựa vào
địa chỉ ghi bên cạnh tên của người lập ra hối phiếu (drawer), nếu ko có luôn thì xem thử drawer đăng ký kinh doanh ở đâu --> Ở nước nào thì luật nước đó đc áp dụng
2/ Draft number --> Cần phải có để quản lý
3/ Ngày ký phát hối phiếu (phải trùng hoặc sau ngày giao hàng thực tế --> căn cứ vào vận đơn: đường biển (FOB, CIF, CFR) thì căn cứ vào ngày onboard, nếu đường hàng ko hoặc đường sắt (bộ) thì căn cứ vào
ngày nhận hàng xếp (ngày ghi kế bên Receive for shipment date)
4/ Số tiền: Nếu khác giữa số và chữ --> Tùy theo luật của quốc gia, theo TQ thì hối phiếu invalid - ko có giá trị đòi tiền, còn luật VN thì thanh toán số tiền nhỏ hơn (nhưng đc thanh toán hay ko thì còn phụ thuộc vào
việc hối phiếu đó đc sử dụng phương thức thanh toán nào (phụ thuộc vào luật áp dụng nữa) --> Học sau
5/ Thời hạn thanh toán: Xảy ra 2 trường hợp trả ngay (on demand) và trả sau. Trả sau có 3 trường hợp: Thứ nhất là vào 1 ngày cố định (hiếm khi đc sd vì khó fix ngày thanh toán do khó fix ngày giao hàng), Thứ 2
là 30/60 ngày kể từ ngày nhìn thấy hối phiếu này, Thứ 3 là 30 ngày kể từ ngày giao hàng khi nhìn thấy tờ hối phiếu này (ngày ghi trên hối phiếu cũng là ngày giao hàng) --> TH này thì làm cho tờ hối phiếu hạn chế
tính negotiable vì người nhận đc chuyển nhượng ko phải là 1 bên trong hợp đồng mua bán nên cũng ko biết
PARTIES TO BILL OF EXCHANGE
ngày giao hàng. Nhưng VN hay dùng cách này vì ở VN doanh nghiệp chỉ bán hối phiếu cho ngân hàng thôi nhưng ở thị trường khác thì ko dùng --> để tính flexible tốt hơn.
ELEMENTS OF BILLS OF EXCHANGE (ULB 1930)
 A bill of exchange contains: Drawer: the person to who draws the bill (the exporter or party to whom
 1. The term 'bill of exchange' inserted in the body of the instrument the amount is due)
and expressed in the language employed in drawing up the instrument;
 2. An unconditional order to pay a determinate sum of money; Drawee: the person to whom the bill is addressed (the importer or party
 3. The name of the person who is to pay (drawee); who is required to pay the amount)
 4. A statement of the time of payment;
 5. A statement of the place where payment is to be made; Payee: the person to whom the sum for which the bill is drawn to be paid
 6. The name of the person to whom or to whose order payment is to be (in trade, usually it is the drawer’s
made;
 7. A statement of the date and of the place where the bill is issued;
 8. The signature of the person who issues the bill (drawer).

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Chú ý khi làm bài: Cô thích giải thích rõ ràng, cụ thể (cách thức), phải có trình tự rõ ràng: nếu nêu rủi ro thì nêu rủi ro của tất cả các bên liên quan luôn => Phải đầy đủ

Foreign Exchange rate, ko tính tỷ giá chéo

Công cụ thanh toán: So sánh các công cụ thanh toán này
Thời gian làm bài: 40ph
Sự biến động về tỷ giá hối đoái giữa đồng USD và VND gần đây, phân tích nguyên nhân
Ca 2: Từ số 46 - 90 (bắt đầu lúc 10h45 --> 11h30 thu bài)
Ca 1: Bắt đầu lúc 10h-10h40

LIABILITY OF PARTIES
The drawer (exporter)
OTHER PARTIES TO A BILL OF EXCHANGE  undertakes responsibility in drawing the bill of exchange
 The Endorser  ensures that on presentation the bill must be accepted (time/term) and paid
 The Endorsee (sight) according to its tenure
 The Acceptor
 accepts full compensation responsibility for holders in case the bill is
dishonored by banks within its normal provisions
 The Holder
The drawee (importer)
 Not liable until they have accepted it using the customary form of
acceptance
 Any change to payment methods after acceptance will mean an amendment
to maturity date of the bill is necessary

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LIABILITY OF PARTIES
LIABILITY OF THE PARTIES:
THE DRAWER
The drawee (importer)
 In accepting the terms of the bill of exchange, it means that they are legally  A drawer of a draft undertakes that when the draft is presented it
binded to pay in accordance with the acceptance conditions will be accepted and paid according to its terms.
 Failing to accept the bill is known as ‘dishonored by non-acceptance’  The drawer also promises that if it is dishonored the drawer will

 Failing to pay on due date after acceptance is known as ‘dishonored by non-

compensate the holder or any endorser who is compelled to pay
payment’ on it.

Copyright © 2004 Pearson Education Canada Inc. 21-28

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LIABILITY OF THE PARTIES:

THE ACCEPTOR THE HOLDER IN DUE COURSE
 A holder in due course is one who acquires more rights in an
 By accepting a bill, a drawee undertakes to pay it in accordance instrument than the transfer or had.
with the terms of the acceptance.  To obtain the rights to which the holder in due course is entitled,
he or she must satisfy a number of conditions.

Copyright © 2004 Pearson Education Canada Inc. 21-29 Copyright © 2004 Pearson Education Canada Inc. 21-30

29 30
 BILL OF EXCHANGE SAMPLE OF BILL OF EXCHANGE
 BILL OF EXCHANGE


 Draft No 442 Raiwaqa



 Exchange for A$65200.00 Date: 1st December 2008



 At 60 days after sight of this First Exchange



 (second of the same tenor and date being unpaid) pay to the order of
 National Bank Limited A.C.N. 658707


 The sum of sixty five thousand, two hundred dollars Australian currency.
 To
 Dodi’s Foods and Supplies Bigger Foods
 Far East Accessories
 69 Alloway Street R.Singh
 Petros, NSW.3111 (Export Manager)


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(5) Có 3 thời điểm --> Đã học rồi, cái mà ... ngày sau khi receive B/E là most popular vì easy to transfer.
Phân biệt "in word" (ghi bình thường) and "in letter" (ex: two five zero zero) => Nếu là nhờ thu thì cộng
Nhưng ở VN, ... ngày sau delivery date is quite popular in VN
lại 2+5+0+0 = 7 thì lấy tiền này (vì nhỏ hơn), còn nếu là L/C thì bank sẽ từ chối thanh toán vì có sự 20/11/2023
khác nhau giữa B/L and B/E. Có 4 loại B/E:
- Pay to B (hối phiếu đích danh, only B is the beneficials, ko chuyển nhượng đc bằng delivery or endorsement
Nếu hợp đồng quy định là 30% trả ngay và 70% trả sau thì phải lập 2 hối phiếu độc lập, 1 hối phiếu trả nhưng phải ra văn phòng công chứng) --> bị hạn chế khi sử dụng
ngay và 1 hối phiếu trả sau chứ ko gộp lại, thì ko thể huy động vốn trên thị trường (chuyện nhượng) đc - Pay to order of B: ký hậu theo lệnh (B có quyền chuyển nhượng hoặc ký hậu đc)
- Pay to ... (Blank)
- Pay to order of B without record (trả theo lệnh của B miễn truy đòi): nếu drawee ko trả tiền thì miễn nghĩa vụ
SPECIFIC DETAILS OF B/E (LAW ON ASSIGNMENT trả tiền của các bên liên quan (ông B), payee sẽ đòi trực tiếp drawer luôn (ông A - người chuyển nhượng)
INSTRUMENTS LAW NO. 49/2005/QH11) SPECIFIC DETAILS OF B/E
Lưu ý: Thời gian, số tiền và số 7
 In cases where the assignment instruments are issued in Vietnam, but BILL OF EXCHANGE (1)
they are accepted, guaranteed, assigned, mortgaged, collected, paid, No:……(2)….. ……………,(4)……………
recoursed, litigated in another country, the assignment instruments
thereof must be issued in accordance with provisions of this Law. For:……….(3.1)………….. Hối phiếu trong phương thức nhờ thu và L/C giống nhau hoàn
Ở VN, nếu drawee ko trả tiền thì người giữ hối phiếu có quyền: Trong TH buyer ko trả tiền thì drawer hoặc holder có quyền khởi toàn, chỉ có khác nhau chỗ số 7 thôi (Thi)
kiện: Đối với hối phiếu trả ngay (30 ngày) và đối với hối phiếu trả sau (1 năm) (tùy thuộc vào luật từng quốc gia)
 In cases where the assignment instruments are issued in other At…..(5)…. sight of this First Bill of Exchange (second of
countries, but they are accepted, guaranteed, assigned, mortgaged, the same tenor and date being unpaid), pay to the of
collected, paid, recoursed, litigated in Vietnam, the acceptance, order of …..(6)….. the sum of….. (3.2). in word
guaranty, assignment, mortgage, collection authorization, payment,
recourse, litigation thereof must be performed in accordance with To:………(7)………. (Name and address of Drawer)
provisions of this Law. …………………………. …………(signed)…..
Nghiệp vụ chấp nhận hối phiếu, drawee chỉ thừa nhận khoản tiền cố định nào đó là khoảng …………………………. (8) Drawer (thường là exporter)
người ta phải trả mà thôi (chấp nhận vô điều kiện, vì có điều kiện sẽ khiến hối phiếu ko thể Drawee (có 2 TH chính là importer hoặc Bank tùy theo pth thanh toán)
34
mua bán, lưu thông trên thị trường đc)
=> Người ký chấp nhận như vậy thì sẽ có thể chấp nhận (1) toàn bộ và (2) 1 phần (trong trường hợp người bán giao hàng thiếu), miễn là ko ghi điều kiện là đc. Nhưng đối với chuyển
33 34
nhượng, vd mệnh giá ghi trên hối phiếu là $10,000 và người chấp nhận chỉ chấp nhận $7,000 thì khi chuyển nhượng nó thì chuyển nhượng toàn bộ quyền hưởng lợi số tiền là
$7,000, chứ ko có việc chuyển nhượng $5,000 => Có thể chấp nhận từng phần (ghi số tiền bên cạnh, nếu ko thì là chấp nhận toàn bộ số tiền ghi trên B/E, nhưng chuyển nhượng thì
chỉ có thể chấp nhận toàn bộ. Nếu người bán hoàn thành giao hàng đủ nhưng buyer (7) chỉ Importer/Bank
chấp nhận 90%(phụ --> Buyer ko nhận
thuộc vào đc bộ
phương chứng
thức từtoán)
thanh (bao =>
gồmThi
B/L) -->kỳkocólấy
cuối bàihàng đc hối
tập lập
phiếu
- Collection: (7) là importer (người mua)
- L/C (thư tín dụng): (7) là Bank phát hành thư tín dụng, nhưng cũng có TH là bank này ủy quyền
cho ai đó để trả nữa (nói sau)

LAW ON ASSIGNMENT INSTRUMENTS (LAW NO. ARTICLE 16. CONTENTS OF A BILL OF EXCHANGE
49/2005/QH11) (CONT.)
 Article 16. Contents of a bill of exchange  A Bill of exchange shall be invalid if it lacks one of the contents
A Bill of exchange shall contain following contents: stipulated in Paragraph 1 of this Article, except for following cases:
 Phrase “Bill of exchange” to be stated on the front of the bill of exchange
 a. Where term of payment is not stated in the bill of exchange, the
 A request for unconditional payment of a definite amount of money.
 Term of payment;
bill of exchange thereof shall be paid at sight when presented;
 Place of payment;  b. Where place of payment is not stated in the bill of exchange, the
 Name for organizations, full name for individuals, address of the drawee; bill of exchange thereof shall be paid at the address of the drawee;
 Name for organizations, full name for individuals of the beneficiary appointed  c. Where place of drawing is not stated specifically in the bill of
or requested by the drawer to pay the Bill of Exchange in accordance with the
order of the beneficiary or requested to pay the Bill of exchange for the
exchange, the bill of exchange thereof shall be considered as being
holder. drawn at the address of the drawer.
 Place and date of drawing;
 Name for organizations, full name for individuals. address and signature of
the drawer.

35 36
 DISCUSSION
 Date of drawing?  Language in the assignment instruments
 Assignment instruments must be drawn in Vietnamese, except for the
 Term of payment? case where the assignment instrument relationship has foreign
 Pay to order of A? Pay to A? Pay to? element, the assignment instrument thereof may be drawn in foreign
languages upon the agreement of parties.

 Amount of money to be paid in an assignment instrument

 The amount of money to be paid in an assignment instrument must be
stated in both number and word.
 Where the amount of money stated in number on the bill of exchange
is different from the amount in word, the amount in word shall be
valid for payment. In cases where the amount of money on the bill of
exchange is stated twice and more in word or in number and there is a
difference, the amount in word with the smallest value shall be valid
for payment.

37 38

B/E: TERM PAYMENT B/E: PAY TO….

 at sight/on presentation/on demand / at xxx sight/ after sight…  Pay to A
 Time draft:  Pay to order of A
• after X days after sight…  Pay to
• at X days after date of B/E
• at X days after B/L date, shipment date
• on 15th February 2009 …

39 40

SOME SPECIAL CASES (ARTICLE 2 ULB 1930)

 Assignment instruments must contain the signature of the drawer or  A bill of exchange in which the time of payment is not specified
the issuer. is deemed to be payable at sight.
 Signature is the direct signature by hand on the assignment instrument  In default of special mention, the place specified beside the
of the person who has right, obligation for the assignment instrument name of the drawee is deemed to be the place of payment, and at
or of an authorized person in compliance with provisions of applicable
the same time the place of the domicile of the drawee.
laws. Signature of the representative of the organization on the
assignment instrument must be enclosed with a seal.  A bill of exchange which does not mention the place of its issue
is deemed to have been drawn in the place mentioned beside the
name of the drawer.
 Related person shall only have obligation under the assignment
instrument when the assignment instrument or the attached auxiliary
sheet contains his signature or the signature of the person authorized
by the related person in capacity as a drawer, an issuer, an acceptor, an
assignor or a guarantor.

41 42
 DOCUMENTATION
DOCUMENT & PAYMENT CYCLE
Đường đi của hối phiếu (Sẽ nói chi tiết hơn trong phương thức thanh toán)
BILL OF EXCHANGE: CLASSIFICATION
Exporter Importer  Drafts fall into two categories:
 A sight draft is payable on presentation to the drawee.
Contract of Sale Goods
 A time draft (also named as usance bill; tenor bill; or term bill)
allow for the delay in payment- normally 30, 60,90 , or 120
Documentation
days. It is presented to the drawee, who signifies acceptance of it
Invoice, Insurance Certificate, Bill of Lading etc, by writing or stamping a notice of acceptance on its face.
Payments
Documentation Có 2 cách phân loại:
Payments
- Theo thời gian thanh toán: Hối phiếu trả ngay và trả sau
- Ai là người thụ hưởng hối phiếu: Đích danh, theo lệnh đích danh, để trống
- Ký hậu: ký hậu đích danh, ký hậu theo lệnh, ký hậu để trống, ký hậu miễn truy đòi
Payments

Exporter Bank Importer Bank

Advising bank (or Exporter’s bank correspondent)
Documentation
9/30/2020 43

43 44

 Trade or Commercial bills is used primarily for the purpose of  Clean bills of exchange:
financing loan transaction from bills which originate from a  Bills forwarded without accompanying documents but has some
trade transaction validity in the case of payment claims are known as a clean bill.
 Bank bills: When a banker has accepted or indorsed a bill, the Hóa đơn được chuyển tiếp không có tài liệu đi kèm nhưng có giá trị nhất định trong
trường hợp yêu cầu thanh toán được gọi là hóa đơn sạch.
market regards the bill as a commodity of a different quality Documentary bill of exchange:

from an ordinary trade bill
 After shipping, Bills of Exchange along with relevant documents
must be forwarded to the bank for processing and is known as a
documentary bill

45 46

CLAUSES ON BILLS OF EXCHANGE SOME TECHNIQUES RELATED TO B/L

 D/P  Acceptance
 D/A  Guaranty for B/L B/E (Nghiệp vụ bảo lãnh)
 Assignment of Bill of exchange

47 48
 I.ACCEPTANCE OF BILL OF EXCHANGE
 The beneficiary must present the bill of exchange to request for
the acceptance in following cases:
 a. The drawer stated already on the bill of exchange that this bill
of exchange must be presented to request for the acceptance;
 b. Bill of exchange which states the payment term (After a
certain period since the date where the bill of exchange is
accepted) must be presented to request for the acceptance within
a period of one year since the drawing date.
49
AN ACCEPTANCE IS INVALID UNLESS IT COMPLIES
WITH THE FOLLOWING CONDITIONS
 (a) It must be written on the bill and signed by the drawee. The
mere signature of the drawee without additional words is
sufficient.
 (b) It must not express that the drawee will perform his promise
by any other means than the payment of money.
 (c) The presentation of bill of exchange to request for the
acceptance shall be considered as valid where the bill of
exchange is presented by the beneficiary or the legal
representative of the beneficiary at the place of payment, during
the working time of the drawee and is not overdue yet.
51
LIABILITY OF ACCEPTOR
 The acceptor of a bill, by accepting it:
 (i) Engages that he will pay it according to the tenor of his acceptance,
 (ii) It precluded from denying to a holder in due course –
 (a) The existence of the drawer, the genuineness of his signature, and his
capacity and authority to draw the bill,
 (b) In the case of a bill payable to drawer’s order, the then capacity of the
drawer to endorse, but not the genuineness or validity of his endorsement
 (c) In the case of a bill payable to the order of a third person, the existence of
the payee and his then capacity to endorse, but not the genuineness or validity
of his endorsement.
53
IMPORTANCE AND REQUISITES OF ACCEPTANCE
 (i) The acceptance of a bill is signification by the drawee of his assent to
the order of the drawer,
After accepting the bill of exchange, the acceptor shall be obliged to
make unconditional payment of the bill of exchange in line with the
accepted content to the beneficiary, the person who already made
payment of the bill of exchange in accordance with provisions of this Law
50
FORM AND CONTENTS OF THE ACCEPTANCE
 The drawee shall carry out the acceptance of the bill of
exchange by stating the phrase “accepted”, date of acceptance
and his signature on the front side of the bill of exchange.
 In the event where the drawee only accepts the payment of one
part of the amount stated on the bill of exchange, he must state
clearly the accepted amount.
52
PRESENTATION FOR ACCEPTANCE
 Presentation of a bill of exchange for acceptance is legally necessary:
 (i) Where the bill is payable after sight. Presentment for acceptance is
necessary in order to fix the maturity of the instrument.
 (ii) Where a bill expressly stipulates that it must be presented for
acceptance, and
 (iii) Where a bill is drawn payable elsewhere than at the residence or
place of business of the drawee.
54
 TYPES OF ACCEPTANCES TYPES OF QUALIFIED ACCEPTANCES
 There are two principal types of acceptance of a usance bill of  (i) Qualified as to a certain event
exchange:  (ii) Qualified as to amount
 General Acceptance – It is to confirm the drawee’s liability and  (iii) Qualified as to tenor
agreement to the terms of the bill.
 (iv) Qualified as to place of payment
 Qualified Acceptance – where the drawee, upon accepting bill,
varies or alters its terms e.g. by partial acceptance of the amount.
The holder’s agreement to any alteration may discharge the
liability of any previous parties to the bill.

55 56

II. GUARANTY OF BILL OF EXCHANGE

20/11/2023
 Guaranty of bill of exchange means a third person (hereinafter
referred to as the guarantor) makes a commitment with the guarantee
to pay one part or entire of the amount of money stated on the bill of
exchange upon its maturity where the guarantee fails to make
payment or makes insufficient payment.
Bảo lãnh: Khi người có nghĩa vụ thứ nhất (vd importer) vi phạm thanh toán thì Secondary
liability (người có nghĩa vụ thứ hai) (vd ngân hàng, hoặc bất cứ tổ chức nào có uy tín và có
tiềm lực về tài chính --> VD cty mẹ sẽ bảo lãnh trả tiền giùm cty con chẳng hạn --> Ký trên
bên mặt của hối phiếu, hoặc đóng dấu Guaranty và ghi ngày tháng bên cạnh - Bên nào yêu
cầu bảo lãnh thì sẽ trả tiền bảo lãnh cho tổ chức đó) sẽ đứng ra cam kết và chịu trách nhiệm
trả số tiền này. Loại hối phiếu có bảo lãnh này càng dễ đc mua bán hơn trên thị trường.
FORM OF GUARANTY
 The guaranty of bill of exchange is performed by the way where
the guarantor states the phrase “guaranteed”, amount to be
guaranteed, name, address, signature of the guarantor and name
of the guarantee on the bill of exchange or on its attached
auxiliary sheet
 In the event where the name of the guarantee is not stated, the
guaranty thereat shall be considered being provided to the
drawer.

57 58

RIGHTS AND OBLIGATIONS OF THE GUARANTOR

 1. The guarantor shall be obliged to make payment of the bill of III. ASSIGNMENT FORM OF BILL OF EXCHANGE
exchange in line with committed amount if the guarantee fails to
perform or performs insufficiently his obligation of payment at the  Assignment form of bill of exchange
maturity of the bill of exchange.
 The beneficiary shall assign the bill of exchange under one of
 2. The guarantor shall only be entitled to cancel the guaranty in the following forms:
event where the bill of exchange has not enough required contents as
 1. Endorsement
provided for in Article 16 herein.
 3. After performing the guaranty obligation, the guarantor is entitled  2. Transfer

to receive rights of guarantee for related people, entitled to deal with

security assets of the guarantee and is entitled to request the guarantee,  Endorsement means transfer of any document or instrument to
drawer, acceptor to jointly perform the payment obligation of the
another person by signing on its back or face or on a slip of
guaranty amount that has been paid.
paper attached to it.
 4. The guaranty for the bill of exchange by the credit institutions shall
be implemented in accordance with provisions of this Law and other
provisions of applicable laws relating to banking guaranty

59 60
 ENDORSEMENT OF BILLS OF EXCHANGE
 Many bills are payable to a specific person “or order”. This
means that title to the bill can be transferred, or “negotiated” by
the payee to another person. This is achieved by endorsement
and delivery to the person concerned.
ENDORSEMENT OF BILLS OF EXCHANGE
 a bill is an order bill when:
 – It is expressed to be payable to order, or
 – It is payable to the order of a particular person, or
 – It is payable to a particular person and does not contain words
prohibiting any transfer.
 Endorsement is not required to transfer the title of a bearer bill,
as it may be negotiated by mere delivery to the other person.

61 62

TYPES OF ENDORSEMENTS TYPES OF ENDORSEMENTS

 (i) Blank Endorsement  (i) Blank Endorsement
 (ii) Special Endorsement
 (iii) Restrictive Endorsement

 (iv) Conditional Endorsement For and on behalf of:

Exporting Company Limited

Signed…………… Director

63 64

TYPES OF ENDORSEMENTS TYPES OF ENDORSEMENTS

 (ii) Special Endorsement:  (ii) Special Endorsement:
No. 0012345 £50,000.00  Pay XYZ Bank Limited
Date 4th July 2005

At 3 month After Sight Pay----------------------Exporting Company Limited------- For and on behalf of:
------------------------------or to the order Exporting Company Limited
GB pounds fifty thousand only-----------------------------------------------------------
--------------------
For Value received
Signed…………… Director
To For and on behalf of
Importing Co Ltd Exporting Company Limited
123 New Road
Nairobi (Kenya) (sd)--------------------------Director

65 66
 TYPES OF ENDORSEMENTS TYPES OF ENDORSEMENTS
 (iii) Restrictive Endorsement:  (iv) Conditional Endorsement:
 A restrictive endorsement, as the name implies, prevents further  Pay XYZ Bank Limited after arrival of the goods
endorsement of the bill. For and on behalf of:
 The payee specifies the name of the endorsee and writes “only” Exporting Company Limited
at the end e.g. “Pay XYZ Bank Limited only”.

Signed…………… Director

67 68

CONTINUATION LIABILITY OF THE PARTIES:

 (4) Where the holder of a bill payable to his order transfers it
for value without endorsing it, the transfer gives the
transferee such title as the transferor had in the bill, and the
transferee in addition acquires the right to have the
THE ENDORSER
 An endorser is generally liable to any holder for the amount of
the instrument if the party that is primarily liable dishonours it.
 However, if the endorser does not receive prompt notice of the

indorsement of the transferor. dishonour from the holder of the instrument, the endorser will be
freed from liability.
 (5) Where any person is under obligation to indorse a bill in a
representative capacity, he may indorse the bill in such terms
as to negative personal liability.

Copyright © 2004 Pearson Education Canada Inc. 21-70

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69 70

LIABILITY OF THE PARTIES: HOLDERS OF B/E: ELEMENTS OF HOLDER IN DUE

THE TRANSFEROR BY DELIVERY COURSE

A transferor by delivery is anyone who negotiates the  The holder must take a bill
instrument in bearer form. Since no endorsement is  The bill must be complete and regular on the face of it(not
required, a transferor by delivery is not liable on the forged)
instrument, as an endorser, if the party that is primarily  The bill must be taken before its overdue

liable is incapable of paying it.  The holder must take the bill for value

 The holder must take the bill in good faith

 A transferor by delivery is liable to an immediate
 The holder must be without notice of any defect in title
transferee for such loss as the transferee would sustain.

Copyright © 2004 Pearson Education Canada Inc. 21-71

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71 72
 DISHONOUR BY NON-PAYMENT

 A bill is dishonored by non-payment: DISCHARGE OF BILLS OF EXCHANGE

(a) when it is duly presented for payment and payment is refused  any liability on the bill is discharged:
or cannot be obtained; or
 When the bill is paid by the acceptor on the due date
(b) when presentment is excused and the bill is overdue and
 Where the acceptor becomes the holder of the bill at or before
unpaid.
maturity
 Rules as to notice of dishonour
 Where the holder gives up his right to receive payment,
 The notice must be given by or on behalf of the holder, or by and on cancelling the bill itself
behalf of an indorser who, at the time of giving it, is himself or herself
liable on the bill.

Gautam Kishor . FNU. TRI 3.2011 9/30/2020 73

73 74

DISCHARGE
Once a bill has been discharged no one can sue or be sued on the bill. DISCHARGE (CONT..)
A bill is normally discharged by the payment in due course of the bill or
on behalf of the drawee or acceptor. In order for a discharge by  In good faith.this requirement is met even if the Payment is
payment to be effective it must be: made negligently,provided that it is made honestly
 A payment in money  Without notice that the title to the bill is defective

 By or on behalf of the drawee or acceptor

 At or after the maturity of the bill.(the bill is not discharged by payment
before the due date)
 To the holder. a person who steals or finds a bearer bill is the holder of it.
However, a person who holds a forged bill is not a holder.

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75 76

20/11/2023 PROTEST
LOST BILLS OF EXCHANGE
A formal certificate given by a notary at the place of
 If a bill is lost or destroyed before it is overdue may be replaced dishonor confirming the ‘non-acceptance’ and ‘non-
by an identical bill on the drawer receiving an indemnity from
payment’ status (under seal, subject to a fee and stamp
the person who was the holder at the time of loss or destruction.
duty)
Chiết khấu hối phiếu (Discount): Hối phiếu khi chưa đến hạn nhưng muốn lấy tiền thì bán hối
phiếu đó cho bank với giá thấp hơn giá ghi trên bề mặt hối phiếu (phần chênh lệch là thu Overseas cases, often protesting would be costly.
nhập của bank). Ở VN ko cho chiết khấu hối phiếu độc lập mà phải chiết khấu cùng với bộ
chứng từ => Bank tiếp nhận tất cả quyền liên quan đến sở hữu lô hàng đó --> Có 2 loại là có
truy đòi (nếu bank ko đòi đc tiền phía bị ký phát thì sẽ đòi lại tiền từ drawer --> phí thấp hơn)
và miễn truy đòi --> phí cao hơn, giá chênh lệch giữa giá mua và giá ghi trên hối phiếu nhiều Drawer’s have the final say in whether a protest should be
hơn => Nghiệp vụ này giúp nhà xuất khẩu có tiền nhanh lodged or not.

Kiểm tra giữa kỳ: TN và writing (hiểu biết liên quan đến biến động tỷ giá giữa USD và VND
--> Phân tích nguyên nhân) ví dụ vậy

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77 78
 HOW THE BILL OF EXCHANGE IS USED IN INTERNATIONAL TRADE:
 A Bill of Exchange can either be payable immediately or at some future
date.
 If a Bill is payable immediately, it is usually issued payable at sight.
The term "at sight" means that a buyer should pay once they have
sighted the Bill, that is once the demand for payment has been made.
Gautam Kishor . FNU. TRI 3.2011 9/30/2020
79
PROMISSORY NOTE
 Section 4 of the Negotiable Instruments Act, 1881 defines a
promissory note as ‘an instrument in writing (not being a bank note or
a currency note) containing an unconditional undertaking, signed by
the maker, to pay a certain sum of money only to or to the order of a
certain person or to the bearer of the instrument’.
81
PARTIES TO A PROMISSORY NOTE
 There are primarily two parties involved in a promissory note. They are:
 i.The Maker or Drawer – the person who makes the note and promises
to pay the amount stated therein. In the above specimen, Sanjeev is the
maker or drawer.
 ii. The Payee – the person to whom the amount is payable. In the above
specimen it is Ramesh.n
83
PROMISSORY NOTE
lời hứa bằng văn bản
 A promissory note is a written promise by one party, the maker,
to pay a specified amount of money to another party, the payee,
at a fixed or determinable future time or on demand.
 A promissory note does not have to be presented for acceptance.
Copyright © 2004 Pearson Education Canada Inc. 21-80
79
80
SPECIMEN OF A PROMISSORY NOTE
 Rs. 10,000/- New Delhi Địa điểm ký phát: căn cứ xác định nguồn
luật (ko bắt buộc có địa điểm này)
 September 25, 2002 Ngày --> Hối phiếu ký phát trước ngày giao hàng ko có giá trị.
Còn ở đây, ko liên quan tới ngày giao hàng, có thể hứa trc
trả tiền đích danh cho ai đó hoặc theo lệnh
 On demand, I promise to pay Ramesh, s/o RamLal of Meerut or
order a sum of Rs 10,000/- (Rupees Ten Thousand only), for
value received. Số tiền bằng số và bằng chữ
 To , Ramesh Sd/ Sanjeev
 Address…….. Stamp Importer
Trên thực tế, hứa phiếu khi đc người mua gửi đến cho người bán thì seller ko đợi tới hạn
nhận tiền mà sẽ bán trên thị trường nhưng khó bán đc --> Chỉ có thể mua bán trên thị trường
nếu như nó được (1) chấp nhận thanh toán và (2) bảo lãnh (bên thừ đứng ra cam kết trả tiền)
=> Tuy nhiên seller ko đợi phải có lời hứa mới bán ra thị trường mà ký phát hối phiếu rồi bán
luôn --> B/E phổ biến hơn nhiều so với Promissory note này (này chỉ dùng để thuyết phục
người bán bán hàng cho mình thôi, như là 1 sự đảm bảo sẽ trả tiền chẳng hạn)
82
PARTIES TO A PROMISSORY NOTE
 In course of transfer of a promissory note by payee and others, the
parties involved may be
 a. The Endorser – the person who endorses the note in favour of
another person. In the above specimen if Ramesh endorses it in
favour of Ranjan and Ranjan also endorses it in favour of Puneet,
then Ramesh and Ranjan both are endorsers.
 b. The Endorsee – the person in whose favour the note is negotiated
by endorsement. In the above, it is Ranjan and then Puneet.
84
 FEATURES OF A PROMISSORY NOTE SPECIMEN

 i. A promissory note must be in writing, duly signed by its maker Rs. 10,000/- New Delhi
and properly stamped . November 14, 2002
 ii. It must contain an undertaking or promise to pay. Mere
acknowledgement of indebtedness is not enough. I, Ramesh , s/o Sadanand of Surat, Gujarat promise to pay Sashikant,
s/o Sunil Kumar of Ahmedabad, Gujarat or order, on demand, the
 iii. The promise to pay must not be conditional.
sum of Rs 10,000/- (Rupees Ten Thousand only) with interest at the
 iv. It must contain a promise to pay money only.
rate of 10 percent per annum, for value received
 v. The parties to a promissory note, i.e. the maker and the payee
must be certain. Sd/- Ramesh
 vi. A promissory note may be payable on demand or after a
Stamp
certain date. To
 vii. The sum payable mentioned must be certain or capable of Sashikant
being made certain. Ahmedabad, Gujarat

85 86

CONTENTS OF A PROMISSORY NOTE

 A promissory note shall have following contents:
 a. A phrase “Promissory note” is stated on the front side of the
promissory note;
 b. A commitment of unconditional payment of a definite amount
of money;
 c. Payment term
 d. Place of payment;
 dd. Name for organizations, full name for individuals of the
beneficiary appointed or requested by the drawer to pay the
Promissory Note in accordance with the order of the beneficiary
or requested to pay the promissory note for the holder.
 g. Place and date of drawing;
 h. Name for organizations, full name for individuals, address and
signature of the issuer.
CONTENTS OF A PROMISSORY NOTE (CONT.)
 The promissory note shall be invalid if it lacks one of the
contents provided for in Paragraph 1 in this Article, except for
following cases:
 a. In the event where the place of payment is not stated on the
promissory note, the place of payment thereat shall be the
address of the issuer.
 b. In the event where the place of issuance is not stated on the
promissory note, the place of issuance thereat shall be the
address of the issuer.

87 88

DISTINCTION BETWEEN A BILL OF EXCHANGE

Hiện tại, cheques vẫn giữ vai trò nhất định
AND PROMISSORY NOTE
So sánh giữa B/E and Promissory Note --> Xem ảnh chụp trong mess của Bảo Ngọc CHEQUES Về mặt bản chất, nó thay đổi cho tiền mặt

BILL OF EXCHANGE 3 parties
A bill contains an unconditional order to
pay
The drawer of bill is the creditor who
directs the drawee to pay
The liability of the drawer of a bill is
secondary and conditional
PROMISSORY NOTE 2 parties
A note contains an unconditional
promise to pay
The maker of note is the debtor and he
himself undertakes to pay.
The liability of the maker of a note is
primary and absolute
 The Negotiable Instruments Act, 1881 defines a cheque as a bill of
exchange drawn on a specified banker and not expressed to be payable
otherwise than on demand. Actually, a cheque is an order by the
account holder of the bank directing his banker to pay on demand, the
specified amount, to or to the order of the person named therein or to
the bearer.

In a bill the drawer and the payee may A note cannot be made payable to the
be one and the same person maker himself

A bill payable after sight or after a A note requires no acceptance as it is

certain period must be accepted by the signed by the person who is liable to pay
drawee before it is presented for the
payment

89 90

CHEQUE Bản chất là 1 hối phiếu
 A cheque is a bill of exchange, drawn on a bank and payable on
demand.
 From the point of view of the holder, a cheque contains the
implied promise of its drawer that the drawer has funds on
deposit at the bank to meet the amount.
Mệnh lệnh cho ngân hàng trả tiền cho người thụ hưởng
Séc có 2 loại là séc thương mại và séc du lịch:
- Séc thương mại: người ký séc cho người thụ hưởng khác
- Séc du lịch:
Copyright © 2004 Pearson Education Canada Inc. 21-91
91
FEATURES OF A CHEQUE
i. A cheque must be in writing and duly signed by the drawer.
ii. It contains an unconditional order.
iii. It is issued on a specified banker only.
iv. The amount specified is always certain and must be clearly mentioned
both in figures and words.
v. The payee is always certain.
vi. It is always payable on demand.
vii. The cheque must bear a date otherwise it is invalid and shall not be
honoured by the bank.
93
CONTENTS OF A CHEQUE (CONT.)
 Where a cheque lacks one of the contents provided above, it shall be invalid,
except for the case where the place of payment is not stated on the cheque,
the cheque thereat shall be paid at the business place of the drawer.
 Apart from the contents stipulated in Paragraph 1 of this Article, cheques
suppliers may provide more contents without arising any legal obligation of
parties, such as the account number which the drawer is entitled to use to
draw cheques, address of the drawer, address of the drawee and other
contents.
 In the event where a cheque is paid through the Cheque Clearing Payment
Center, there shall be further contents as provided for by the Cheque Clearing
Payment Center on the cheque.
 The back side of a cheque is used for stating contents of cheque assignment.
 The amount of money stated in number of a cheque must be equal to the
amount in word. Where the amount in number is different from the amount in
word, the cheque shall not be valid for payment
95
Có 1 hình thức nữa là séc du lịch, thay vì mang tiền mặt đi thì đem tờ sec theo người,
khi đến nước du lịch thì lấy tờ séc này đến ngân hàng ở nước đó lấy tiền mặt (ngân hàng
này phải là partner của ngân hàng trước đó phát hành séc)
SPECIMEN OF A CHEQUE
Thời gian thanh toán của Séc luôn luôn là trả ngay, ko bao giờ là trả sau
Đk ký phát là phải có tài khoản ngân hàng và tiền trong tài khoản phải đủ để ký phát,
nếu ko đủ thì bank tự nhận định đây là 1 khoản vay (Séc bảo chi)
92 Hối phiếu do doanh nghiệp lập ra nên ko cần theo mẫu của ngân hàng, ko cần logo của ngân hàng.
Nhưng séc phải do bank lập ra, có logo của ngân hàng, có 2 phần (phần giữ lại và phần xé giao cho
người thụ hưởng) --> Theo dõi việc phát hành séc (Phải mua từ ngân hàng)
CONTENTS OF A CHEQUE
 Contents of a cheque
 1. The front side of a cheque shall contain following contents:
 a. The word “Cheque” to be printed on top of the cheque;
 b. A definite amount of money;
 c. Name of the bank or the payment service supplier being the drawee;
 d. Name for organization, full name for individual of the beneficiary
who is designated or requested by the drawer to make payment of the
cheque in accordance with the order of the beneficiary or requested to
make payment of the cheque to the holder;
 dd. Place of payment;
 e. Drawing date;
 g. Name for the organization, full name for individual and signature of
the drawer.
94
 Traveler’s Check: A check, often used as a substitute for
cash, that is (1) drawn on or payable through a bank and (2)
payable on demand by the holder. A traveler’s check does not
require the holder to present it to the drawee bank for payment.
 • Cashier’s Check: A check drawn by the bank on itself,
rather than on a drawer’s account, which constitutes the bank’s
(1) promise to pay the payee on presentment and (2) assumption
of liability if the bank fails to pay.
 • Certified Check: A check that has been accepted by the
drawee bank prior to presentment (indeed, often at the time it is
issued). By certifying the check, the bank assumes all liability
for failure to pay the check on presentment.
96
 TYPES OF CHECKS
Séc cũng có Séc đích danh và Séc theo lệnh này kia
 • Open cheque: A cheque is called ‘Open’ when it is possible
TYPES OF CHEQUE to get cash over the counter at the bank.
 • Crossed cheque: The payment of this cheque is not made
 a) Open cheque, and
over the counter at the bank. It is only credited to the bank
 b) Crossed cheque.
account of the payee. A cheque can be crossed by drawing two
 c) Bearer cheque transverse parallel lines across the cheque, with or without the
 d) Order cheque writing ‘Account payee’ or ‘Not Negotiable’.
 • Bearer Check: This check is payable to anyone who
presents the check. The check can be marked "cash," without
naming anyone in particular.
 • Order check: An order cheque on the hand is a cheque
made payable to a certain person or order. The language of such
a cheque runs thus ‘Pay to Mr. X or order USD five hundred
 only’. An order cheque can be transferred only by endorsement.

97 98

Séc du lịch, có 2 chữ ký, 1 là nộp tiền mặt vào ngân hàng để lấy séc, 2 là khi muốn rút tiền
nơi ngân hàng khách du lịch --> Ký lần 2 trước mặt ngân hàng, nếu trùng nhau thì đc lấy Cô sẽ gửi bộ chứng từ của hợp đồng L/C, tiền tệ và nhờ thu để biết nó sẽ như thế nào
tiền mặt (2 bank này là corresponding bank của nhau)
CASHIER’S CHECK

99 100

TYPES OF CHEQUE TYPES OF CHEQUE

 a) Open cheque: A cheque is called ‘Open’ when it is possible  b) Crossed cheque: Since open cheque is subject to risk of theft, it is
to get cash over the counter at the bank. The holder of an open dangerous to issue such cheques. This risk can be avoided by issuing
cheque can do the following: another types of cheque called ‘Crossed cheque’.
 i. Receive its payment over the counter at the bank,  The payment of such cheque is not made over the counter at the bank. It is

 ii. Deposit the cheque in his own account only credited to the bank account of the payee. A cheque can be crossed by
drawing two transverse parallel lines across the cheque, with or without the
 iii. Pass it to some one else by signing on the back of a cheque.
writing ‘Account payee’ or ‘Not Negotiable’.

101 102
 TYPES OF CHEQUE
 c) Bearer cheque: A cheque which is payable to any person who
presents it for payment at the bank counter is called ‘Bearer cheque’.
A bearer cheque can be transferred by mere delivery and requires no
endorsement.
103
NEGOTIATION AND TRANSFER
 • Negotiation of an instrument payable to an identifiable
person requires the endorsement of the identifiable person and
delivery, or transfer, of the instrument.
 • If the endorsement of the payee is forged, then negotiation does
not occur, and the rightful owner can make a claim against the
person in possession of the instrument.
 • If the bank takes the check with the forged endorsement, the
bank is subject to a claim directly from rightful owner or a claim
from the paying bank for breach of the transfer warranty. The
bank would most likely absorb the loss.
 This is the reason many banks are reluctant to take third party
checks
105
107
TYPES OF CHEQUE
 d) Order cheque: An order cheque is one which is payable to a
particular person. In such a cheque the word ‘bearer’ may be cut out
or cancelled and the word ‘order’ may be written. The payee can
transfer an order cheque to someone else by signing his or her name
on the back of it.
104
ENDORSEMENT
 • A blank endorsement (or an endorsement in endorsement
blank) consists simply of the signature of the payee and is the
most common form of endorsement.
 • A special endorsement may state like “Pay to the order of Mr
A.” and signed under that statement.
 • In a restrictive endorsement, the payee or other holder of the
instrument, in addition to signing his or her name, identifies the
purpose of the transfer and restricts the use to which the
instrument can be put.
 The most common restrictive endorsement, used for depositing
an item to an account, is "For Deposit Only."
106
HOLDER IN DUE COURSE
 • Negotiable instruments are processed freely through the
clearing system and given value (cash or credit) because they
have protections. Accepting a negotiable instrument without
being liable for any claims and defenses against it is known as
being a holder in due course - an important concept the
banking business.
108
 HOLDER IN DUE COURSE
DISTINCTION BETWEEN A CHEQUE AND A BILL OF EXCHANGE
To attain the status of holder in due course: Cheque Bill of Exchange
1. It is drawn only on a banker. 1. It can be drawn on any body
 1. The person must be a holder of a negotiable instrument. including a banker.
 2. The holder must take the instrument 2. The amount is always payable on 2. The amount is payable on demand or
 for value demand. after a specified period
 in good faith
3. It can be crossed to end its negotiability. 3. It can not be crossed.
 without notice that the instrument is overdue or has been dishonoured
4. Acceptance is not required. 4. Acceptance is a must.
 without knowledge that the instrument contains an unauthorized
signature or has been altered
 without knowledge of any claim to the instrument or any
defenses against payment of the instrument

109 110