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

e any person other than the one already liable for the bill.

　　Article 46 A guarantor must specify the following particulars on the bill of exchange or on an allonge：

　　（1）the word “guaranteed”；

　　（2）the name and domicile of the guarantor；

　　（3）the name of the guarantee；

　　（4）date of guaranty； and

　　（5）signature of the guarantor.

　　Article 47 Where the guarantor fails

to specify Subparagraph （3）of the preceding Article on the bill of exchange or on the allonge， the acceptor is the guarantee for an accepted bill， and the drawer is the guarantee for a bill not yet accepted.

　　Where the guarantor fails to specify Subparagraph （4） of the preceding Article on the bill of exchange or on the allonge， the date of issue is the date of guaranty.

　　Article 48 No condition may be attached to a guaranty. A guaranty with conditions attaché shall not affect the liability of guaranty on the bill of exchange.

　　Article 49 The guarantor shall be liable for guaranteeing the holder's rights on the bill of exchange which the holder acquires lawfully， except for where the guarantee's debt is invalid because the particulars specified on the bill are incomplete.

　　Article 50 Where a bill of exchange is guaranteed， the guarantor shall， together with the gurantee， undertake joint and several liability to the holder thereof. Where payment is not made at the maturity of such bill， the holder is entitled to demand payment from the guarantor and the latter shall pay the bill in full.

　　Article 51 Where there are two or more guarantors， they shall undertake joint and several liability.

　　Article 52 After the guarantor pays off the debt of the bill of exchange， the guarantor may exercise the right of recourse as enjoyed by the holder against the guarantee and his prior parties.

　　Section 5

　　Payment

　　Article 53 The holder shall present the bill of exchange for payment within the following time limits：

　　（1）one month after the date of issue for a bill payable at sight to be presented to the drawee； and

　　（2）ten days after the date of maturity for a bill payable at fixed date， at a fixed period after the date of issue or at a fixed period after sight to be presented to the acceptor.

　　Where the holder fails to present the bill for payment within the prescribed period， the acceptor or drawee shall remain liable for the payment of the bill after the holder explains the situation.

　　Presentment for payment made to the drawee through an authorized collecting bank or at a clearing system deemed as presentment made by the holder.

　　Article 54 The drawee shall pay the bill in full on the day when the holder presents the bill for payment in accordance with the provisions of the preceding article.

　　Article 55 The holder shall receipt the bill and surrender it to the drawee when he receives payment. Where a holder authorizes a bank to receive payment on his behalf， the bill is deemed as receipted when the authorized bank credits the collected sum to the holder's account.

　　Article 56 The liability of the bank authorized by the holder to receive payment shall be limited to crediting the sum on the bill to the holder's account according to the particulars specified on bill.

　　The liability of the bank authorized by the drawee to make payment shall be limited to paying the sum on the bill from the drawee's account according to the particulars specified on the bill.

　　Article 57 When paying a bill， the drawee or his agent shall examine the uninterruptedness of the series of endorsement and the lawful identity certificate or the valid certificate of the person presenting the bill.

　　The drawee or his agent who makes payment out of ill intention or with gross negligence shall bear liability on his own.

　　Article 58 Where the drawee makes payment before the date of maturity for a bill of exchange payable at a fixed date， at a fixed period after the date of issue， or at a fixed period after sight， the drawee shall bear the liability deriving therefrom on his own.

　　Article 59 When the sum on a bill of exchange is expressed in a foreign currency， the sum shall be paid in Renminbi according to the market exchange rate on the day of payment.

　　Where the parties to a bi

ll of exchange have agreed otherwise regarding the type of currency in payment， such agreement shall be complied with.

　　Article 60 after the drawee days the bill in full according to law， all persons liable for the bill of exchange are discharged from liabilities.

　　Section 6

　　Right of Recourse

　　Article 61 Where the payment of a bill of exchange is refused at the date of maturity， the holder may exercise the right of recourse against the endorsers， the drawer and other person liable for the bill.

　　Prior to the date of maturity， the holder may also exercise the right of recourse under any of the following circumstances：

　　（1）the bill is dishonoured by non-acceptances；

　　（2）the acceptor or the drawee has died or escaped； or

　　（3）the acceptor or the drawee is declared bankrupt according to law or is ordered to stop business activities for violation of law.

　　Article 62 When exercising the right of recourse， the holder shall provide relevant evidence of non-payment.

　　Where the presentment for acceptance or the presentment for payment by the holder is rejected， the acceptor or the drawee must provide proof of dishonour or a statement on reasons for dishonour. The acceptor or the drawee， who does not provide proof of dishonour or a statement on reasons for dishonour， shall bear civil liabilities deriving therefrom.

　　Article 63 Where the holder is unable to obtain proof of dishonour on account of the death or escape of the acceptor or the drawee or for other reasons， the holder may obtain other relevant evidence according to law.

　　Article 64 Where an acceptor or a drawee is declared bankrupt by a People's Court is accordance with law， the relevant judicial documents of the People's Court shall have the effect as proof of dishonor.

　　Where an acceptor or a drawee is ordered to stop business activities for violation of law， the decision on punishment made by a competent administrative department shall have the effect as proof of dishonour.

　　Article 65 A holder who is unable to present proof of dishonour， a statement on reasons for dishonour or other lawful evidence within the prescribed period of time loses the right of recourse against his prior parties. However， the acceptor or the drawee shall remain liable to the holder.

　　Article 66 The holder shall， within three days after receiving the relevant evidence of non-acceptance or non-payment， notify his prior parties in writing of the fact of dishonour； the said prior parties shall， within three days after receiving the notice， notify his prior parties about the matter. Or， the holder may simultaneously notify in writing shall persons liable for the bill of exchange.

　　In case of failure to do what is stipulated in the preceding paragraph， the holder may still exercise the right of recourse. Where losses are caused to the prior parties or the drawee by delayed notice， the party to the bill of exchange failing to notify the relevant parties within the prescribed time limit shall be liable for compensation of the losses， but the damages shall be limited to the sum payable by the bill.

　　If a notice is mailed to a legal address or to an address agreed upon within the prescribed period of time， the notice is deemed to have been dispatched.

　　Article 67 In the written notice made according to the first paragraph of the preceding article the main particulars specified on the bill of exchange shall be recorded and the fact that the said bill has been returned shall clearly be stated.

　　Article 68 The drawer， endorser， acceptor and guarantor of a bill of exchange are jointly and severally liable to the holder.

　　The holder may exercise the right of recourse against any or several or all of persons liable for the bill of exchange in disregard of the order of precedence.

　　The holder， who has exercised the right of recour

se against one or several of the persons liable for the bill of exchange， may still exercise the right of recourse against other persons liable for the bill. After clearing off the liabilities， the person against whom the right of recourse is exercised has the same right as the holder thereof.

　　Article 69 Where the holder is the drawer， he has no right of recourse against the prior parties. Where the holder is an endorser， he has no right of recourse against the subsequent parties.

　　Article 70 When exercising the right of recourse， the holder may demand the person against whom the right of recourse is exercised to pay the following sum and expenses：

　　（1）the sum payable by the bill of exchange dishonoured；

　　（2）interest， calculated at the rate prescribed by the People's Bank of China， on the sum payable by the bill of exchange， from the date of maturity or from the date of presentment for payment to the date of payment； and

　　（3）the expenses for obtaining relevant evidence of dishonour and for dispatching notices.

　　When the person against whom the right of recourse is exercised settles the liabilities， the holder shall surrender the bill of exchange together with the relevant evidence of dishonour and issue a receipt of interest and expenses paid.

　　Article 71 When the person against whom t

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