颁布日期：19950510 实施日期：19960101 颁布单位：全国人大常委会
Contents
Chapter I General Provisions
Chapter II Bills of Exchange
Section 1 Issue
Section 2 Endorsement4
Section 3 Acceptance
Section 4 Guaranty
Section 5 Payment
Section 6 Right of Recourse
Chapter III Promissory Notes
Chapter IV Cheques
Chapter V The Applicable Laws Pertaining5 Negotiable Instruments in Cases Involving Foreign Elements
Chapter VI Legal Responsibility
Chapter VII Supplementary6 Provisions
Chapter I General Provisions
Article 1 This Law is formulated7 for the purpose of standardizing8 actions concerning negotiable instruments， protecting the legal rights of parties using negotiable instruments， maintaining economic order in society and promoting the development of the socialist9 market economy.
Article 2 This Law applies to all transactions concerning negotiable instruments within the territory of the People s Republic of China. The term “negotiable instrument” as used in this Law denotes “bill of exchange”， “promissory note” and “cheque”。
Article 3 Activities concerning instruments shall abide10 by the laws and administrative11 regulations and shall not harm public interests.
Article 4 When creating an instrument， the issuing party shall endorse3 it according to statutory conditions and bear liability for the instrument according to the items specified12 therein.
When exercising his rights with regard to an instrument， the bearer shall endorse the instrument and present it according to statutory procedures.
Other debtors14 endorsing15 the instrument shall bear liability for the instrument according to the items specified therein.
The instrument right as referred to in this Law denotes the right of the bearer to claim the specified amount in payment from the debtor13 including the right to claim for payment and the right of recourse.
Liability for negotiable instruments as referred to in this Law denotes the obligation of the debtor to pay the sum specified in the instrument to the bearer.
Article 5 A party to an instrument may authorize16 an agent to endorse the instrument but must specify17 the principal-agent relationship on the instrument.
A person without power of agency who endorses18 an instrument in the capacity of agent shall bear liability for the instrument； an agent who goes beyond the limits of his power of agency shall undertake liability for the part of the instrument overstepping the limits of his powers.
Article 6 The endorsement of an instrument by a person with no capacity for civil conduct or with limited capacity for civil conduct is invalid19， but this does not influence the validity of other endorsements21 of the instrument.
Article 7 The endorsement of an instrument shall be by signature， seal or both signature and seal.
The endorsement of an instrument by a legal person or other organization which makes use of instruments shall be the official seal of the legal person or organization accompanied by the endorsement of its legal representative or its authorized22 agent.
The signature on an instrument must be the name of the party concerned.
Article 8 The sum of money on an instrument shall be specified in both Chinese characters and Arabic numerals； the two figures must be the same， if the two figures are not the same， the instrument shall be null and void.
Article 9 Items specified in an instrument must conform to the provisions of this Law.
The sum， date and payee recorded in an instrument must not be altered. Instruments which have been altered are invalid.
Other items in an instrument may be altered by the person who originally wrote them， as proof alterations23 must been dorsed by the aforementioned.
Article 10 The issue， acquisition and transfer of an instrument shall be made in good faith and shall constitute a real transaction and reflect the credit-debit relationship.
An instrument can only be acquired in consideration of payment， the corresponding value of which must be agreed by the two parties to the instrument.
Article 11 Acquisition of an instrument through taxation24， inheritance or legacy25 which may be realized in accordance with law without payment， shall not be subject to being in consideration of payment. However， the bearers rights on the instrument shall not exceed those of prior parties.
Prior parties refers to other debtors of an instrument who endorsed26 it prior to its endorsement by a specific signatory or bearer.
Article 12 In cases where an instrument was acquired through fraudulence， theft or coercion27， or in cases where the bearer acquired an instrument through malice28 while he knew well that the aforementioned circumstances existed， the bearer shall not enjoy the instrument right.
In cases where the bearer through gross negligence29 acquires an instrument which does not comply with the provisions of this Law， then the bearer shall not enjoy the instrument right.
Article 13 A debtor of an instrument shall not oppose the bearer on the basis of a dispute between the issuer and the debtor himself or between the any prior parties to the bearer and the debtor himself. However the exception is in cases where the bearer acquired the instrument with the foreknowledge that such opposition30 existed.
A debtor of an instrument may oppose a bearer who had a direct credit-debit relationship with him and did not perform the stipulated31 obligation.
Opposition as referred to in this Law denotes the act whereby the debtor of an instrument refuses to carry out his obligations to the creditor32 in accordance with the provisions of this Law.
Article 14 Items specified in an instrument must be genuine and cannot be forged or altered. Those who forge or alter the endorsement or other items in an instrument shall bear legal responsibility.
Endorsements on an instrument which have been forged or altered shall have no impact on the other genuine endorsements thereon.
Where other items in the instrument have been altered， persons who endorsed the instrument before it was altered shall be liable for the items originally specified in the instrument， persons who signed after it was altered shall be liable for the items specified after the instrument was altered. In cases where it cannot be determined33 whether the instrument was endorsed before or after it was altered， it shall be treated as an instrument which was endorsed before being altered.
Article 14 Items specified in an instrument must be genuine and cannot be forged or altered. Those who forge or alter the endorsement or other items in an instrument shall bear legal responsibility.
Endorsements on an instrument which have been forged or altered shall have no impact on the other genuine endorsements thereon.
Where other items in the instrument have been altered， persons who endorsed the instrument before it was altered shall be liable for the items originally specified in the instrument， persons who signed after it was altered shall be liable for the items specified after the instrument was altered. In cases where it cannot be determined whether the instrument was endorsed before or after it was altered， it shall be treated as an instrument which was endorsed before being altered.
Article 15 Where an instrument has been lost， the person who has lost the instrument may promptly34 notify the payer of the instrument to suspend payment， except in cases where the payer is not specified in the instrument or when the payer or his agent cannot be identified.
The payer shall temporarily cancel payment when he receives notification of the loss of the instrument.
The person losing the instrument shall in accordance with the law apply to the people s court for the publication of a public notice asserting his claim or he can bring an action in the people s court within three days of notifying the payee to suspend payment or after the loss of the instrument.
Article 16 The procedure by which the bearer of the instrument exercises his rights or preserves his rights against the debtor shall be carried out in the business premises35 of the party concerned during business hours or at their place of residence if no business premises exist.
Article 17 Rights to an instrument shall cease to be valid20 if not exercised within the following time limits：
1. The rights of the bearer of the instrument over the issuer and the acceptor of the instrument cease to be valid two years after the date of maturity36 of the instrument. Bills or notes payable37 on sight become invalid two years after the date of issue；
2. The rights of the bearer of a cheque over the issuer cease to be valid six months after the date of issue；
3. The bearer s right of recourse over prior parties ceases to be valid six months after the date of non-acceptance or non-payment；
4. The bearer s right of re-recourse over prior parties ceases to be valid three months after the date of settlement or the commencement of a lawsuit38.
The date of issue and the date of maturity of an instrument shall be set in accordance with the law by the parties to the instrument.
Article 18 A bearer who has lost his rights on instrument because of the expiration39 of his rights or because the items recorded in the instrument are not comprehensive may still enjoy civil rights， and may request that the payer or the acceptor refunds40 the amount equivalent to that part of the instrument not yet paid.
Chapter II Bills of Exchange
Section 1 Issue
Article 19 A bill of exchange is an instrument signed by the issuer， authorizing41 the payer to unconditionally43 pay a certain sum of money to the payee or the bearer when the bill is presented or at a specified time.
Bills can be classified into bankers bills and commercial bills.
Article 20 Issue refers to the act of the issuer signing and issuing the instrument and delivering it to the payee.
Article 21 The issuer of the bill must have an authentic44 relationship with the payer authorizing payment and must possess reliable funds with which to pay the sum in the bill.
Bills without consideration shall not be signed or issued to defraud45 money from banks or other parties of an instrument.
Article 22 A bill must specify the following items：
1. The word “bill”；
2. Authorization46 of unconditional42 payment；
3. A fixed47 sum；
4. The name of the payer；
5. The name of the payee；
6. The date of issue；
7. The endorsement of the issuer.
A bill shall be null and void if any of the above-mentioned items are not specified therein.
Article 23 The date of payment， place of payment and place of issue， if specified on the bill， shall be legible and unambiguous.
A bill is payable on sight if the date of payment is not specified.
The place of payment， if not specified on a bill， shall be the business premises， domicile or habitual48 residence of the payer.
The place of issue， if not specified on a bill， shall be the business premises， domicile or habitual residence of the issuer.
Article 24 Items relating to the issue of a bill other than those stipulated by this Law may be specified on a bill， but such items shall have no effect on the validity of the bill.
Article 25 The date of payment may be specified in either one of the following forms：
1. Payable on sight；
2. Payable on a fixed date；
3. Payable during a fixed period after the date of issue；
4. Payable during a fixed period after the date of receipt.
The date of payment as specified in the preceding paragraph shall be the date of maturity of the bill.
Article 26 The issuer who signs and issues the bill shall bear liability for its acceptance and payment.
In the event of non-acceptance or non-payment of the bill， the bearer shall be reimbursed49 the sum and expenses as stipulated in Articles 70 and 71 of this Law.
Section 2 Endorsement
Article 27 The bearer may transfer his rights to the bill to other persons or authorize other persons to exercise some of his rights to the bill.
When the issuer writes the term “non-transferable” on the bill， then it cannot be transferred.
The bearer must endorse and hand over the bill when exercising his rights as stipulated in the first paragraph of this article.
Endorsement refers to the act of putting relevant items in writing and endorsing the back of the bill or an allonge.
Article 28 The person endorsing the bill may use an allonge and attach it to the bill if there is not enough space in the bill for the items.
The first person to write on the allonge shall endorse the conjuncture of the bill and the allonge.
Article 29 An endorsement shall be signed by the person making it and the date of endorsement shall be specified.
An undated endorsement shall be deemed to have been added to the bill before its date of maturity.
Article 30 The name of the person endorsing the bill must be specified when the bill is endorsed so that the rights to the bill are transferred or to authorize another person to exercise some of the rights to the bill.
Article 31 There shall be an uninterrupted series of endorsement in a bill which is transferred by means of endorsement. The bearer must prove his rights to the bill by an uninterrupted series of endorsement； a person to whom a bill is transferred by means other than endorsement or who acquires a bill by other legal means shall provide evidence in accordance with the law showing his rights to the bill.
“An uninterrupted series of endorsement” as referred to in the preceding paragraph denotes that， in the course of the transfer of an instrument， the endorsement of the person endorsing the transfer of the bill shall be made by the immediate50 prior endorsee51 to acquire the bill.
Article 32 When the bill is transferred by means of endorsement， the subsequent party shall be liable for the authenticity52 of the endorsement made by the immediate prior party.
“The subsequent party” denotes other debtors of an instrument who endorse it after its endorsement by a specific party.
Article 33 No conditions can be attached to endorsements. Any conditions attached to endorsements shall have no effect on the bill.
Any endorsements purporting53 to transfer a part of the amount payable， or to transfer the bill to two or more people separately， shall be null and void.
Article 34 When the endorser54 writes the term “non-transferable” on the bill and his subsequent party re endorses and transfers it， the original endorser shall not bear any responsibility for any guarantees made to the subsequent party s endorsee.
Article 35 Where an endorsement contains the word “by procuration”， the endorsee shall be entitled to exercise mandated55 rights to the bill on the endorser s behalf. However， the endorsee shall not transfer the rights to the bill by means of re-endorsement.
A bill may be pledged； when the bill is pledged， the endorsement shall contain the term “value in pledge”。 The endorsee may exercise the rights to the bill when realizing the right of pledge according to law.
Article 36 A bill cannot be transferred by means of endorsement when acceptance or payment has been refused or when the time limit for presentation in order to receive payment has expired， if the bill has been endorsed and transferred， the endorser shall bear liability for the bill.
Article 37 After the bill has been endorsed and transferred， the endorser shall be liable for guaranteeing the acceptance and payment of the bill held by the subsequent party. In cases of non-acceptance or non-payment of the bill， the endorser shall compensate56 the bearer with the sum and expenses as stipulated in Articles 70 and 71 of this Law.
Section 3 Acceptance
Article 38 Acceptance denotes the act whereby payer of the bill promises to pay the sum of money in the bill at its maturity.
Article 39 Where a bill is payable on a fixed date or within a fixed period after the date of issue， the bearer shall present the bill to the payer for acceptance before the bill s date of maturity.
Presenting the bill for acceptance denotes the act whereby the bearer presents the bill to the payer and demands a promise of payment from the payer.
Article 40 Where a bill is payable during a fixed period after presentation， the bearer shall present the bill to the payer for acceptance within one month of the date of issue.
Where a bill has not been presented for acceptance within the prescribed period， the bearer shall lose the right of recourse against prior parties.
Where a bill is payable on sight， it does not need to be presented for acceptance.
Article 41 The payer shall accept or refuse the bill within three days of receiving the bill as presented for acceptance.
On receiving of a bill presented for acceptance by the bearer， the payer shall make out a receipt to the bearer. The receipt shall be signed and the date on which the bill was presented shall be written thereon.
Article 42 When accepting a bill， the payer shall write the word “accepted” and the date of acceptance on the front of the bill and sign it； after seeing a bill which is payable during a fixed period， the date of payment shall be specified at the time of acceptance.
Where the date of acceptance is not specified on the bill， it shall be the last day of the period prescribed by the first paragraph of the preceding article.
Article 43 When accepting a bill， the payer shall accept it unconditionally； if conditions have been added， this is deemed to be a refusal.
Article 44 When the payer has accepted the bill， he shall bear the liability of paying it at maturity.
Section 4 Guaranty
Article 45 The responsibility of guaranteeing the payment of a bill shall be borne by the guarantor.
The guarantor shall be someone other than the debtor of the bill.
Article 46 The guarantor must specify the following items on the bill itself or on an allonge：
1. The word “guaranteed”；
2. The name and address of the guarantor；
3. The name of the person to whom the guaranty is given；
4. The date of guaranty；
5. The endorsement of the guarantor.
Article 47 When the guarantor has not specified Item 3 of the preceding article on the bill itself or on an allonge， incases where the bill has already been accepted， the person who accepted the bill is he to whom the guaranty is given； in cases where the bill has not yet been accepted， the guaranty is given to the issuer.
When the guarantor has not specified Item 4 of the preceding article on the bill itself or on an allonge， the date of guaranty shall be the date of issue.
Article 48 No conditions can be attached to the guaranty； if there should be any conditions attached， these will not affect the liability of guaranty on the bill.
Article 49 The guarantor shall be responsible for guaranteeing the bearers rights to the bill when the bearer has acquired the bill legitimately57. This is with the exception of cases when the debt of the person receiving the guaranty is invalid because of the absence of certain items from the bill.
Article 50 Where a bill is guaranteed， the guarantor and the person to whom the guaranty is given shall under take joint58 liability to the bearer. In cases where the guaranteed bill has not been paid at its maturity， the bearer is entitled to demand payment from the guarantor， who shall pay the bill in full.
Article 51 In cases where there are two or more guarantors， they shall undertake joint liability.
Article 52 After the guarantor has paid the debt as stipulated in the bill， the guarantor may exercise his right of recourse as enjoyed by the bearer against the person to whom the guaranty is given and his prior parties.
Section 5 Payment
Article 53 The bearer shall present the bill for payment within the following time limits：
1. A bill payable on sight should be presented to the payer within one month of the date of issue；
2. A bill payable on a fixed date， within a fixed period after the date of issue or within a fixed period after being seen shall be presented for acceptance within 10 days of the date of maturity.
In cases where the bearer has not presented the bill for payment within the prescribed period as stipulated in the preceding paragraph， the person accepting the bill or the payer shall remain liable for the payment of the bill after the bearer has explained the situation.
Presentation for payment made to the payer by an authorized bank or clearing system for instruments shall be deemed as presentation by the bearer.
Article 54 The payer must pay the bill in full on the day when the bearer presents the bill for payment in accordance with the provisions of the preceding article.
Article 55 The bearer shall sign the bill and give it to the payer after receiving payment. In cases where the bearer authorizes59 a bank to receive payment on his behalf， the bill may be deemed as having been signed for when the authorized bank has credited the collected sum to the bearer s account.
Article 56 The bank authorized by the bearer to receive payment shall be liable only for crediting the sum on the bill to the bearer s account according to the items specified in the bill.
The bank authorized by the payer to make payment shall be liable only for paying the sum on the bill from the payer s account according to the items specified in the bill.
