review mid term bus law2 inter
TRANSCRIPT
-
7/30/2019 Review Mid Term Bus Law2 Inter
1/42
Review
-
7/30/2019 Review Mid Term Bus Law2 Inter
2/42
-
7/30/2019 Review Mid Term Bus Law2 Inter
3/42
-
7/30/2019 Review Mid Term Bus Law2 Inter
4/42
To Sahiba
Mary Sahiba
February 1st 2008
Good as aval to Sahiba
Jeffrey
To Susanna
Jason
Good as aval to
Jason
LarryFeb 14th 2008
-
7/30/2019 Review Mid Term Bus Law2 Inter
5/42
Part II. Answer the Following
Question (10 marks)
-
7/30/2019 Review Mid Term Bus Law2 Inter
6/42
The maturity date is at the end of
the fixed period after date. There are four types of maturity date
1. On a fixed day
Pay to order of Michael on July 15, 2004
2. At the end of the fixed period after date
Pay to order of Dan 10 days after the date appearing on
the bill
3. At the end of the fixed period after sightPay to order of Frank 1 month after you see the
bill
4. On demand or at sight
Pay to the order of Anna at sight
-
7/30/2019 Review Mid Term Bus Law2 Inter
7/42
-
7/30/2019 Review Mid Term Bus Law2 Inter
8/42
-
7/30/2019 Review Mid Term Bus Law2 Inter
9/42
Types of Acceptance
1. General Acceptance
An absolute acceptance precisely in
conformity with the tenor of the bill
2. Qualified Acceptance
An acceptance with Conditional orPartial
-
7/30/2019 Review Mid Term Bus Law2 Inter
10/42
Rights to the holderafter he agree with the qualified
acceptance
1. The holder may refuse and treat the bill as dishonor
bill by non-acceptance.
2. The holder may accept the bill. Incase of Conditional Qualified acceptance
- The holder need torequest an authorizedfrom the
drawer and indorser Incase of PartialQualified acceptance
- The holder need to inform the drawer and indorser
-
7/30/2019 Review Mid Term Bus Law2 Inter
11/42
According to the Thai Civil and Commercial
Code, the maker of a P/N is bound in the same
manner as an acceptor of a B/E and theacceptor of the bill is primarily liable to the
payment of the bill. Also, the maker is the
party who by himself promise to pay a sum of
money to the payee.
-
7/30/2019 Review Mid Term Bus Law2 Inter
12/42
-
7/30/2019 Review Mid Term Bus Law2 Inter
13/42
-
7/30/2019 Review Mid Term Bus Law2 Inter
14/42
-
7/30/2019 Review Mid Term Bus Law2 Inter
15/42
-
7/30/2019 Review Mid Term Bus Law2 Inter
16/42
-
7/30/2019 Review Mid Term Bus Law2 Inter
17/42
Mark a special crossed cheque to any Bank. (1 mark)
-
7/30/2019 Review Mid Term Bus Law2 Inter
18/42
If you were a drawer of this cheque and you want the banker to pay
the sum of money only to your creditor ( John Smith) via his bank
account and you do not want John Smith to negotiate this cheque,
what kind of marks and words should you draw on this cheque? (2marks)
-
7/30/2019 Review Mid Term Bus Law2 Inter
19/42
-
7/30/2019 Review Mid Term Bus Law2 Inter
20/42
-
7/30/2019 Review Mid Term Bus Law2 Inter
21/42
The two parallel transverse lines with the
words "and company" on the face of a
Cheque means it is a general crossed cheque
and a payment of such cheque can only be
made to a banker.
-
7/30/2019 Review Mid Term Bus Law2 Inter
22/42
-
7/30/2019 Review Mid Term Bus Law2 Inter
23/42
BillsBill of exchange
Order bill
Bearer bill
Promissory note
Order bill
Cheque
Order bill
Bearer bill
-
7/30/2019 Review Mid Term Bus Law2 Inter
24/42
Parties of bill - creditorHolder: a person who posses a bill as
Order bill: payee or indorsee
Bearer bill: bearer
Lawful Holder (by negotiate the order bill)
-
7/30/2019 Review Mid Term Bus Law2 Inter
25/42
Parties of bill - debtorsDrawer: a person who draws a B/E or
Cheque
Maker: a person who makes a P/N
Indorser/endorser: a person who negotiates
(transfer) the order bill by indorsement
Acceptor: drewee who accepts a bill.
Aval giver: any person who guarantees tothe parties (debtors) of a bill
-
7/30/2019 Review Mid Term Bus Law2 Inter
26/42
Classes of debtorsPrimary debtor: Acceptor, Maker
The holder exercise the right to claim without
protest.
Secondary debtor: Drawer, Indorser, Aval
giver
The holder exercise the right to recourse with
protest.
-
7/30/2019 Review Mid Term Bus Law2 Inter
27/42
Topics of Bill1. Issuing: paper + required items by law
2. Indorsement/ Endorsement
3. Rules of collecting4. Acceptance
5. Aval
6. Recourse
-
7/30/2019 Review Mid Term Bus Law2 Inter
28/42
Indorsement/ EndorsementOrder bill
Indore + deliver
Special or Blank indorsement
Condition on indorsement is deemed to beunwritten.
Partial indorsement is void.
Bearer billDeliver (if indorse the bill, he deemed to be the
aval giver of drawer)
-
7/30/2019 Review Mid Term Bus Law2 Inter
29/42
Rules of collectingB/E, P/Nmaturity date
Chequepayable on demand (from the
issuing date) Payable same town
Effect to the liabilities
of indorser and drawer
Payable elsewhere
-
7/30/2019 Review Mid Term Bus Law2 Inter
30/42
AcceptanceB/E, P/N
Cheque
Write & signs at front or signs at front
General or Qulified acceptance
condition or partial
In case of cheque, who presents the cheque for
acceptance The holder of drawer. When the drawee (the bank) becomes acceptor, he
is a primary debtor and cannot refuse the payment.
-
7/30/2019 Review Mid Term Bus Law2 Inter
31/42
Aval
Write + signs
Sings at front except the drawees signature.
Aval giver has to specify a party whom he
guarantees. If not, aval giver to the drawer.
Aval giver binds imself as a party whom he
guarantees.
-
7/30/2019 Review Mid Term Bus Law2 Inter
32/42
RecourseHolders right when the bill becomes
dishonor
B/E: protest is needed
Foreign P/N and cheque: protest are needed
-
7/30/2019 Review Mid Term Bus Law2 Inter
33/42
Crossed chequeGeneral crossing
with or without the words and company
Special crossing
A name of bank appears between the twoparallel transverse lines.
-
7/30/2019 Review Mid Term Bus Law2 Inter
34/42
Bill of ExchangeDate of Issue December 21st 2007
Place of Issue 34 soi Radprow 71,
Bangkok, Thailand
Drawee Rebecca
Pay to the order of Mary or bearer
Sum of Three hundred thousand baht 300,000.00
Date of Payment 7 days after acceptance /sight
Place of Payment 45/6 Sukumvit Rd. Bangkok Thailand.
Drawers signature LaurenJeffreyAccept to pay only
250,000 Rebecca
-
7/30/2019 Review Mid Term Bus Law2 Inter
35/42
On July 4th, 2007 Agnes drew the cheque at
Assumption University, Huamak campus. Agnes
ordered Bank of Ayudhya Huamak branch to payseven hundred and forty thousand Bath to
Anatolia, additionally Agnes also got the bank
acceptance before delivering such cheque to the
payee.
On July 17th, 2007 this cheque was transferred
by Anatolia to Charlie by special endorsement.
After that, with special endorsement togetherwith the phrase Non-negotiable, Charlie
transferred the bill to Danny on August 5th,
2007.
-
7/30/2019 Review Mid Term Bus Law2 Inter
36/42
On August 13th, 2007 Danny signed his name on
the back of the bill without specifying any nameand gave it to Edward. In addition, Peter gave aval
to the cheque as the guarantor of Danny.
On September 12th, 2007 Edward transferred the
bill to Finola without writing anything.
On September 29th, 2007 Finola inserted her
name on the blank space and made a special
endorsement for transferring the bill to Gorge.
-
7/30/2019 Review Mid Term Bus Law2 Inter
37/42
Finally, on October 6th, 2007 Gorge presented the
cheque for collecting but the Bank of Ayudhya
refuses to make the payment and stated that thereisnt enough money in the drawers account to
make the payment.
Which person is liable and is not liable to make
the payment to Gorge? Explain and provide legalregulations for supporting your idea.
How many types of debtor are there in this
Cheque? What are they? Classify which type ofdebtor is each character from the above situation.
-
7/30/2019 Review Mid Term Bus Law2 Inter
38/42
Negotiation of an order bill
Bills are negotiable instruments (they can
be transferred by the payee to any transfereehe orders)
If the words not negotiable or other
similar words are written on the bill = thebill cannot be transferred to another person.
Effect = if the payee transfers the bill to
other person, the latter would have no rightto enforce payment against the drawer.
-
7/30/2019 Review Mid Term Bus Law2 Inter
39/42
Pay Peter Smith only
Pay Peter Smith not negotiable
Non- transferable bill
-
7/30/2019 Review Mid Term Bus Law2 Inter
40/42
Which person is liable and is not liable to
make the payment to Gorge? Explain and
provide legal regulations for supportingyour idea.
Liable --- Agnes (drawer) P16
Bank Ayudaya (acceptor) --- principal/primary debtor (p32)
Anatolia, Edward, Danny (endorser), Peter
Aval giver to Danny (p16) (p22)Not liable --- Charlie (Restrictive
Endorsement) page 15
-
7/30/2019 Review Mid Term Bus Law2 Inter
41/42
Debtors in Bill Contract
How many types of debtor are there in this
Cheque? What are they? Classify which
type of debtor is each character from the
above situation.
Primary debtor --- Acceptor
Secondary debtor --- Drawer/ Endorser
-
7/30/2019 Review Mid Term Bus Law2 Inter
42/42