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1、06.09.2020,.,1,It is an unconditional promise in writing made by one person to another, signed by the maker, engaging to pay, on demand or at a fixed or determinable future time, a sum certain in money, to, or to the order of, a specified person or to bearer.,Definition of the Promissory Note:,06.09
2、.2020,.,2,PROMISSORY NOTES,Promissory note is: a written promise to pay a determinate sum of money made between two parties. Maker: The issuer of a promissory note. Payee: The person to whom the note is to be paid.,06.09.2020,.,3,Essentials to Promissory Note,06.09.2020,.,4,Promissory Note,Nov. 2, 2
3、004 $ 10,000 New York, New York Ninety days after the above date for value received, the under- signed jointly and severally promise(s) to pay to the order of: BANK OF THE RIVER, at 100 Hudson Ave., New York, New York 02167 Ten Thousand and oo/100 DOLLARS With interest from the date above at the rat
4、e of -11- percent per annum (computed on the basis of actual days and a year of 360 days) payable at maturity Officer: Jones No: 990-11-9999 _,PROMISSORY NOTES,06.09.2020,.,5,Difference Between a Promissory Note and a Bill of Exchange: 1. It is a payment promise , not a payment order. 2. There are o
5、nly two parties to a promissory note, the maker and the payee. 3. The maker is primarily liable on the promissory note. 4. When issued, it has an original note only. 5. There is no acceptance requirement.,PROMISSORY NOTES,06.09.2020,.,6,Major forms of Promissory Note,(1)According the maker, promisso
6、ry note can be classified as Trade Promissory Note and Bank Promissory Note. Trade Promissory Note is issued by a business. Bank Promissory Note is issued by a bank. Trade promissory note is better than bank promissory note in credit. (2)According to the tenor, promissory note can be classified as s
7、ight promissory note and time promissory note. sight promissory note is payable at sight or on demand Time promissory note is payable at a fixed future date or a determinable future date.,06.09.2020,.,7,Major forms of Promissory Note,(3) International Money Order(国际汇票） Also be called Overseas Money
8、Order(MO) Overseas Money Order is issued by clearing banks in New York for payees convenience when he is traveling outside the U.S. Overseas Money Order is usually denominated in US dollars with the maximum amount not exceeding USD 2,500. Overseas Money Order can also be used to settle payments in i
9、nternational trade when the amount is small.,US Bank,MO,Holder,Travel in GB,GB Bank,MO,06.09.2020,.,8,(4) Travelers checkThese checks are frequently used by persons journeying in this country and abroad.,Definition:A travelers check is a specially printed form of check issued by a financial institut
10、ion,leading hotels,and other agencies in preprinted denominations for a fixed amount to a customer for use when he is going to travel abroad.,06.09.2020,.,9,To guard against fraud(欺诈）, the customer is generally required to write in his name on each travellers cheque in the presence of the issuing ba
11、nk and to countersign each instrument in the presence of the correspondent.,The two signatures are then compared. Travellers checks have been held by courts in the United States to be negotiable, but there does not appear to be reported English decision upon this subject.,06.09.2020,.,10,Check,An co
12、nditional order in writing addressed by the customer to a bank signed by that customer authorizing the bank to pay on demand a sum certain in money to or to the order of a specified person or bearer. In simple words, a check can also be defined as a bill of exchange drawn on a banker on demand.,06.0
13、9.2020,.,11,Check,Checks: drawee holds money on account for drawer. Drawee is a bank. Checks are always payable on demand.,06.09.2020,.,12,Three parties in check,(1) The Drawer Person who writes the check. Drawer should meet the following requirements: Should be the banks customer and maintain an ac
14、count with the bank To make sure that there is enough balance in his account to cover the check amount. Otherwise, the check will be bounced(退票）. (2)The Drawee The drawee is the banker on whom the check is drawn and to whom the order to pay is given. The drawee is the bank with which the drawer main
15、tains an account. (3) The Payee The payee is the person to whom a check is expressed to be payable.,06.09.2020,.,13,Essentials To a Check,(1) The Word “Cheque” The word “cheque” should be clearly indicated in order to distinguish it from other types of instruments like the bills of exchange and the
16、promissory notes. (2) Unconditional Payment can not be made on certain conditions to be met by the payee. (3) Writing It must be in written form. (4) Signed A cheque must be signed by the drawer, from whose account the money is paid out.,06.09.2020,.,14,Classification of a Check,According to different criteria,checks can be classified into the following types:,Divided by Order,by Drawer,by Crossed or not,06.09.2020,.,15,Classifica
