Decision of the Standing Committee of the National Peoples Congress on Amending the Law of the Peopl

months from the date of non-acceptance or non-payment for the holder's right of recourse against the prior holders； or

　　（4）three months form the date of settlement or filling a lawsuit for the holder's right of re-recourse against the prior parties.

　　The date of issue and the date of maturity of a negotiable instrument shall be determined by the parties thereto according to law.

　　Article 18 The holder to a negotiable instrument who forfeits his rights thereon by reason of limitation of time or defects in specified particulars on the instrument still has civil rights and he is entitled to demand the drawer or acceptor to make a refund equivalent to the sum in the instrument not yet paid.

　　Chapter Ⅱ

　　Bills of Exchange

　　Section 1

　　Issue

　　Article 19 A bill of exchange is a negotiable instrument， signed and issued by the drawer， who authorizes the drawee to pay unconditionally a sum certain in money to the payee or the holder at sight or on a specified date.

　　Bills of exchange include banker's bills and commercial bills.

　　Article 20 “Issue” means a drawer's signing of a bill of exchange and delivering of it to the payee.

　　Article 21 The drawer of a bill of exchange must maintain a bona fide relationship of entrusted payment with the drawee and have a reliable source of funds to pay the amount of sum on the bill.

　　No one may sign and issue bills of exchange without consideration to defraud fund from a bank or other parties to the bills.

　　Article 22 The following particulars shall be specified on a bill of exchange：

　　（1）words expressing it to be a bill of exchange；

　　（2）an unconditional order to pay；

　　（3）a sum certain in money；

　　（4）name of the drawee；

　　（5）name of the payee；

　　（6）date of issue； and

　　（7）signature of the drawee.

　　A bill of exchange is void if any of the above-mentioned particulars is not specified thereon.

　　Article 23 the date of payment， place of payment and place of issue， if specified on a bill of exchange， shall be legible and unambiguous.

　　If the date of payment is no

t specified on a bill of exchange， the bill is payable at sight.

　　If the place of payment is not specified on a bill of exchange， the business premises， domicile or habitual residence of the drawee is the place of payment.

　　If the place of issue is not specified on bill of exchange， the business premises， domicile or habitual residence of the drawer is the place of issue .

　　Article 24 Particulars relating to the issue of a bill of exchange other than those stipulated by this Law may be specified on a bill， however， such particulars shall have no effect on the bill.

　　Article 25 The date of payment may be specified in one of the following manners：

　　（1）payable at sight；

　　（2）payable at a fixed date；

　　（3）payable at a fixed period after the date of issue； or

　　（4）payable at a fixed period after sight.

　　The date of payment stipulated in the preceding paragraph is the date of maturity of a bill of exchange.

　　Article 26 A drawer who signs and issues a bill shall bear the liability for guaranteeing the acceptance and payment of the bill. In the event the bill in not accepted or paid， the drawer pay off the sum and expenses， as stipulated in Articles 70 and 71 of this Law， to the holder of the bill.

　　Section 2

　　Endorsement

　　Article 27 A holder may transfer his rights on the bill of exchange to another person or authorize another to exercise certain part of the rights on the bill.

　　Where a drawer writes “non-negotiable” on a bill of exchange， the bill shall not be negotiated.

　　A holder shall endorse and deliver the bill of exchange when exercising the rights stipulated in the first paragraph of this Article.

　　“Endorsement” means the writing down of relevant particulars and signing on the back of a negotiable instrument or on an allonge.

　　Article 28 Where more space on a negotiable instrument is needed by the endorser for making entries， the instrument may be extended by an allonge annexed to it.

　　The first entry maker of the allonge shall sing on the abutting edge.

　　Article 29 An endorsement shall be singed and the date of endorsement specified by the endorser.

　　An endorsement without a specified date is deemed to the made prior to the date of maturity.

　　Article 30 The name of endorsee shall be specified when a bill of exchange is endorsed to negotiate or when the exercise of certain part of the rights thereon is endorsed to another.

　　Article 31 Where a bill of exchange is negotiated by endorsement， the endorsements shall be in succession. The holder shall prove his rights on the bill by an uninterrupted series of endorsements. A person who acquires a bill of exchange by lawful means other than endorsement shall provide evidence according to law to prove his rights thereon.

　　The term “uninterrupted series of endorsements” as used in the preceding paragraph means that， in the course of negotiation of an instrument， the signature of each endorser negotiating the bill and that of the immediate prior endorsee acquiring the bill shall be the same person's.

　　Article 32 Where a bill of exchange is negotiated by endorsement， the subsequent party shall be liable for the authenticity of the endorsement of his immediate prior party.

　　A subsequent party means a person liable for an instrument who puts his signature thereto after it is singed by another.

　　Article 33 No condition may attached to the endorsement. Any conditions attaché to the endorsement shall have no effect of a bill.

　　An endorsement which transfers a part of the sum payable by the bill of exchange or separately transfers the sum payable by the bill to two or more endorsees shall be void.

　　Article 34 Where an endorser writes “non-negotiable” on a bill of exchange and his subsequent party negotiates it by endorsement， the endorser shall not

bear responsibility for guaranty to the endorsee of the said subsequent party.

　　Article 35 Where in an endorsement “ by procuration” is written， the endorsee is entitled to exercise the mandated rights on the bill of exchange on the endorser's behalf. However， the endorsee may not negotiate the rights on the bill by endorsement.

　　A bill of exchange may be laid in pledge， provided that “value in pledge” is written in the endorsement when the bill is laid in pledge. The endorsee may exercise the rights on the bill when exercising his rights of pledge according to law.

　　Article 36 A bill of exchange may not be negotiated by endorsement， if it is not accepted or paid or if the time limit for presentment for payment expires. The endorser shall bear liability on the bill if it is negotiated in spite of this.

　　Article 37 An endorser is liable for guaranteeing the acceptance and payment of the bill of exchange held by his subsequent party after the negotiates the bill by endorsement. The endorser shall pay off the sum and expense， as stipulated in Articles 70 and 71 of this Law， to the holder in case of non-acceptance or non-payment of the bill.

　　Section 3

　　Acceptance

　　Article 38 “Acceptance” is the act of a drawee of a bill of exchange who promises to pay the sum on the bill at the maturity of the bill.

　　Article 39 Where a bill of exchange is drawn payable at a fixed date or at a fixed period after the date of issue， the holder shall present the bill to drawee for acceptance before the date of maturity.

　　“Presentment for acceptance” is the act of a holder who presents the bill of exchange to the drawee and demands a promise of payment from the drawee.

　　Article 40 Where a bill of exchange is drawn payable at a fixed period after sight， the holder thereof shall present the bill to the drawee for acceptance within one month after the date of issue.

　　Where a bill of exchange is not presented for acceptance within the prescribed period， the holder thereof shall lose the right of recourse against his prior parties.

　　No presentment for acceptance is needed for a bill of exchange payable at sight.

　　Article 41 In respect of a bill of exchange presented for acceptance， the drawee shall accept or refuse to accept it within three days after receipt of the bill.

　　On receiving a bill of exchange presented for acceptance by the holder the drawee shall write out a receipt to the holder. The receipt shall specify the date of presentment for acceptance and shall be signed.

　　Article 42 When accepting a bill of exchange， the drawee shall write “accepted” and the date of acceptance on the front of the bill and sing it. In the case of a bill of exchange payable at a fixed period after sight， the date of payment shall be recorded at the time of acceptance.

　　Where the date of acceptance is not specified on a bill of exchange， the last day of the period specified in the first paragraph of the preceding Article is the date of acceptance.

　　Article 43 When accepting a bill of exchange， the drawee may not attach any conditions thereto. An acceptance to which a condition is attached is deemed non-acceptance.

　　Article 44 After accepting a bill of exchange， the drawee shall bear the liability for paying the bill at its maturity.

　　Section 4

　　Guaranty

　　Article 45 The liability on a bill of exchange may be guaranteed by a guarantor.

　　The guarantor shall b

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