Exercise And Preservation Of Bill Rights

The right of bill refers to the right of the holder to request the bill debtor to pay the amount of the bill, which includes the right to claim payment and the right of recourse.

The right of claim for payment is also known as the first claim, which means that the holder of a bill exercises the right to request the payment of the amount of the bill to the principal debtor (such as the acceptor of the bill of exchange, the drawer of the promissory note, the payer of the check, etc.).

The right of recourse is the right of the holder to exercise repayment of the bill for the other obligors of the bill, such as the bill of exchange, the drawer of the cheque, the guarantor of the bill, the promissory note, the endorser of the bill, and so on.

That is to say, as a holder, it first has the right to demand the principal debtor of a bill to pay the fare to him. If the principal debtor fails or fails to pay the bill, such as no payment or bankruptcy on account, the holder shall have the right to ask other payment obligor to pay the fare to him.

The exercise of the rights of negotiable instruments refers to the act of a bill holder who prompts a bill to the debtor of a negotiable instrument and asks him to perform his obligations.

The so-called prompt note is to produce the bill to the debtor for his view and ask for payment.

If the holder does not prompt the bill in the time stipulated by the bill law, it loses the right of recourse.

The prompt presentation of bills is not only the exercise of the right to claim payment, but also the preservation of the right of recourse.

The preservation of the rights of negotiable instruments refers to the efforts made by the rights of the bill to prevent the loss of the right of the negotiable instrument, such as interrupting the prescription to the court and making a refusal certificate.

The so-called limitation of time refers to the time when the holder of a bill is brought to the court during the validity period of the bill, which requires the effective time of the previous bill to be invalid, and recalculate the limitation period from the time of interruption.

For example, a draft will take effect from February 1st and be valid for 1 months.

In February 26th, the holder filed a lawsuit against the court for some reason, claiming that the limitation of the previous 25 days was invalid, and the time limit was recalculated from 26.

A certificate of rejection is a certificate that proves that a necessary action has been made for the exercise or preservation of the right of a negotiable instrument during the statutory or agreed period, but the result of the act is rejected.

A rejection certificate is generally applied by a holder to a notary office, a court or a bank, after investigation.

The exercise and preservation of the rights of the bearer shall be carried out in the prescribed place and time. According to the law of the negotiable instrument, "the holder shall exercise the rights of the negotiable instrument to the debtor of a negotiable instrument or preserve the rights of the negotiable instrument. It shall be carried out in the place of business and the business hours of the parties to the bill, and the parties to the negotiable instrument shall have their place of business at their domicile."