国际商法英文版:7 Chapter 12 Financing.doc
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1、Chapter 12 FinancingContentsSummary2Outline3Questions 13Vocabulary15Part 1 SummaryPart A Financing foreign trade: introduce the kinds of documents .trade terms, financing arrangements used in international sales that must be known.Part B and CThis part mainly discusses the function of the bills of l
2、ading and the bills of exchange. They are the two important financing and payment instruments used in international trade. This part also introduce the law governing bills of exchange and many types of bills of exchange, time and sight bills.Part D This part gives us a definition of the promissory n
3、ote. It also defines the different patties to bills of exchange and promissory notes. It lists a lot of examples of typical promissory notes.Part E To trade to run smoothly, a bill or note have a lot of things to do.1.A bill or note must contain a promise or an order to pay that is unconditional. 2.
4、 Define sum of money or monetary unit of account. 3. payable on demand or at a definite time. 4. signed by the maker or drawer.Part FTo satisfy commercial, bills and notes have to be freely transferable. This part discuss 1 the meaning of assignment 2 the definition and many kinds of negotiation .4
5、The role of banks in collecting and paying negotiable instruments.5 Limitations on the excuses that drawers and makers can use to avoid paying off a bill or note. 6Liabilities of makers, drawers, drawees endorsers, and accommodation partiesPart G This part mainly introduces the letters of credit. Fo
6、r example, how to apply for a letter of credit, and the governing law.Part H This part mainly introduces 1 private sources of capital 2 governmental sources of capital 3 regional and international development agencies.Part 2 OutlineChapter 12 - FinancingA.SCOPE OF INTERNATIONAL FINANCING1.The Financ
7、ing of Foreign Trade: Involves the underwriting, paying, and collecting of money for the purchase of goods and services2.The Capitalization of Foreign Investments: Involves the acquisition of debt and equity financing to establish or expand overseas business operationsB.FINANCING FOREIGN TRADE1.Trad
8、e Documentsa.Reason for use in international trade: Buyers and sellers are separated both in distance and by the differing financial practices of their home countries.1)Difficult for seller to determine the credit standing of a foreign buyer.2)Difficult for buyer to reliably establish the foreign se
9、llers integrity and reputation.C.BILLS OF LADING1.The Essential Document for all international salesa.A document of title: It represents the goods.1)Allows for transfer of title while goods are in the possession of a carrier or warehouseman.2)Discussed in Lecture 10.D.BILLS OF EXCHANGE1.Defined: A b
10、ill of exchange (or draft) is a.A written, dated and signed instrument.b.Containing an unconditional order.1)From drawer.2)Directing drawee.3)To pay a payee.c.A definite sum of money.d.With payment to be made.1)On demand, or2)At a specified future date.2.Bills of Exchange are Negotiable Instrumentsa
11、.A proper holder will take it free of the “personal defenses” or “equities” that the drawer might have that: 1)The underlying contract was improperly performed, or2)The instrument was improperly made.b.Importance: Bills of exchange are more readily saleable and, therefore, useful financial tools for
12、 raising money.3.The Laws Governing Bills of Exchangea.Three basic laws:1)Anglo-American laws.a)English Bills of Exchange Act (BEA) of 1882.1Applicable in UK and commonwealth countries.b)United States Uniform Commercial Code (UCC).1Adopted in all US states except Louisiana.2)Model laws applicable in
13、 the rest of the world.a)Uniform Law on Bills of Exchange and Promissory Notes (ULB) of 1930.b)Uniform Law for Checks (ULC) adopted in 1931.3)United Nations Convention.a)UN Convention on International Bills of Exchange and International Promissory Notes (CIBN) of 1988.b)Meant to make international t
14、ransactions uniform.c)Not yet in force unlikely to be in force soon.4.The “Form” of Bills of Exchangea.BEA and UCC requirements:1)In writing.2)Payable either to order or to bearer.b.ULB requirements:1)In writing.2)Payable either to order or to bearer.3)Contain the term “bill of exchange” in the body
15、 andthe language of the check.4)State the place where the bill is drawn.5)State the place where payment is to be made.6)Be dated.5.Types of Bills of Exchangea.Time bill: Drawee must pay at a definite future time.b.Sight (or demand) bill: Drawee must pay either when 1)The holder presents the bill for
16、 payment, or2)At a stated time after presentment.c.Trade acceptances: Drawee is one who bought goods from the drawer and owes the sale price to the drawer.1)Drawee is a credit buyer.2)May be a time or sight bill.d.Checks: Drawee is holding money on account for drawer.1)Drawee is a bank.2)Checks are
17、always payable on demand.E.PROMISSORY NOTES1.Defined: A promissory note (or simply a “note”) isa.A written promise.b.To pay a determinate sum of money.c.Made between two parties.1)Maker: The issuer of a promissory note.2)Payee: The person to whom the note is to be paid.2.Difference Between a Promiss
18、ory Note and a Bill of Exchange The maker of a note promises to personally pay the payee rather than ordering a third party to do so3.Governing Law: Same as those that apply to bills of exchangeF.NEGOTIABILITY OF BILLS AND NOTES1.Requirements of Negotiabilitya.Be in the proper form, andb.Contain the
19、 following promissory elements:1)State an unconditional promise or order to pay.2)State a definite sum of money or a monetary unit of account.a)Money.1BEA, UCC and ULB define money as “a medium of exchange authorized or adopted by a domestic or foreign government as part of its currency.”2Internatio
20、nal practice also includes ad hoc currency baskets established by the parties.b)Definite Sum: The sum to be paid must be ascertainable from the bill or note itself without reference to any outside source.3)Be payable on demand or at a definite time.4)Be signed by the maker or drawer.a)Signature: “An
21、y symbol executed or adopted by a party with present intention to authenticate a writing.”Case 12-1. Constantaras v. AnagnostopoulosG.THE NEGOTIATION AND TRANSFER OF BILLS AND NOTES1.Assignment: The transfer of rights under a contracta.The assignee acquires only those rights that the assignor posses
22、sed.b.Any objections to honoring the assigned obligations that could be raised against the assignor can be raised against the assignee.2.Negotiation: The transfer of a bill or note in such a way that the recipient becomes a holdera.Negotiating order paper.1)Order paper: A bill or note payable to a n
23、amed payee.2)Negotiated by delivery and endorsement.b.Negotiating bearer paper.1)Bearer paper: A bill or note payable to the bearer or to cash.2)Negotiated by delivery.Case 12-2. Miller v. Racec.Converting order to bearer paper and bearer to order paper.1)Order to bearer paper:a)By an endorsement in
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