Английский язык для юристов. Предпринимательское право
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An instrument is payable to order when it states that it is payable to the order of any person, i.e., the maker or drawer; the drawee; a payee who is not the maker, drawer, or drawee; two or more payees; an estate, trust, or fund; an office or officer by title; or a partnership or unincorporated association, with reasonable certainty.
An instrument is payable to bearer when it states that it is payable to bearer or the order of bearer, a specified person or bearer, cash or the order of cash, or any other indication that does not designate a specific payee.
Any instrument lacking one or more elements of negotiability, however, cannot be enforced until it is completed. Handwritten terms control typewritten and printed terms, and typewritten terms control printed terms. Words control figures, except where words are ambiguous (capable of being understood in more than one way). The numbering of, or the failure to number, an instrument does not affect its negotiability.
Exercise 1. Comprehension questions:
1. Identify the purpose of commercial paper.
2. Explain the concept of negotiability.
3. What are the types of negotiable instruments?
4. Give definition of a draft.
5. How are the parties, relating to a draft, called?
6. Identify different kinds of drafts.
7. Explain what a certificate of deposit means.
8. What are the requirements for negotiable instruments?
9. What elements of negotiable instruments may be omitted?
Exercise 2. Find in the text English equivalents to the following:
Акцептант;
Exercise 3. Consult recommended dictionaries and give words or phrases to the following definitions:
Простой вексель; переводной вексель; оплата по предъявлении; подлежит оплате по приказу; коносамент; акцептированная банковская тратта; обеспеченный вексель; обыкновенный вексель; облигации на предъявителя; депозитный сертификат; банковский чек; банковский индоссамент; передаточная надпись; условие о сокращении срока исполнения обязательства; форма подписи; подпись торгового агента; безусловное обещание; определенная сумма; точно определенный срок.
Exercise 4. Be ready to talk on one of the following topics:
1. State the purpose of commercial paper.
2. Explain the concept of negotiability.
3. Identify the three kinds of negotiable instruments.
4. Name the parties to each kind of negotiable instrument.
5. Describe the effect of dates on negotiable instruments and determine which words control.
Exercise 5. Make up your own dialog on the case: In Banco Espanol De Credito v. State Street Bank & Trust Co., the correspondent bank-plaintiff credited «the amounts specified in the letters of credit against debts» owed it by two beneficiaries under the letter of credit. The plaintiff then forwarded the draft to a Boston bank, which was obliged to pay under the letter of credit, and the Boston bank refused to pay on the ground that there was fraud in the transaction. Banco Espanol responded that it was a holder in due course and that fraud could not be raised against it. The district court, in an opinion affirmed by the First Circuit, found that Banco Espanol had in fact given value, was a holder in due course and was entitled to recover from the Boston bank. The lower court held that the Spanish bank had given value because the credit given was not subject to revocation under the terms of the agreement between the Spanish bank and its Spanish customers. The appellate court affirmed on this ground and on the alternate that Banco Espanol gave «value» «even if the credit were revocable.»
Unit 12
Negotiation of Commercial Paper
Учет оборотных документов
Права по ценной бумаге передаются вручением данной ценной бумаги (если она является бумагой на предъявителя), в порядке цессии (если бумага именная), путем совершения индоссамента (в случае ордерной ценной бумаги) (глава 7 ГК РФ).
– accommodation party – лицо, выписавшее (индоссировавшее или акцептовавшее) дружеский вексель
– allonge – аллонж (листок, прилагаемый к векселю для дополнительных индоссаментов)
– assignment – передача, переуступка (имущества, права); уступка требования; цессия
– bearer paper – бумага на предъявителя
– blank endorsement – бланковый индоссамент (без указания лица, которому переуступается документ)
– conditional endorsement – индоссамент, содержащий определенное условие (по выполнении которого может производиться платеж)
– dishonor – отказывать в акцепте или оплате векселя
– endorsement in full – полный индоссамент (с указанием лица, которому производится платеж)
– negotiation – передача, переуступка; продажа, учет (векселя), выплата (по чеку, по векселю)
– order – требование
– qualified endorsement – передаточная надпись, содержащая специальное условие
– restrictive endorsement – ограниченный индоссамент
– special endorsement – именная передаточная надпись
Commercial paper that does not meet all of the requirements of negotiability cannot be negotiated. It can only be transferred by assignment, which is governed by the ordinary principles of contract law. People who receive instruments by assignment are not given the special protection provided those who receive instruments by negotiation.
An assignment is the transfer of a contract right from one person to another. Commercial paper is assigned either when a person whose endorsement is required on an instrument transfers it without indorsing it or when it is transferred to another person and does not meet the requirements of negotiability. In all such transfers, the transferee has only the rights of an assignee and is subject to all defenses existing against the assignor.
An assignment of commercial paper also occurs by operation of law when the holder of an instrument dies or becomes bankrupt. In such cases, title to the instrument vests in the personal representative of the estate or the trustee in bankruptcy.
Negotiation is the transfer of an instrument in such form that the transferee becomes a holder. A holder is a person who is in possession of an instrument issued or indorsed to that person, to that person's order, to bearer, or in blank.
If an instrument is payable to order, such as «pay to the order of,» it is known as order paper. To be negotiated, order paper must be indorsed by the payee and delivered to the party to whom it is transferred. If an instrument is payable to bearer or cash, it is called bearer paper and may be negotiated by delivery alone, without an endorsement. When order paper is indorsed with a blank endorsement (defined as follows), it is turned into bearer paper and may be further negotiated by delivery alone.