Research On The Defenses To Instruments

The defenses to instruments is an important part of the law of negotiable instruments, and it is significance for promoting the circulation of negotiable instruments, and balancing the interests of the parties of negotiable instruments. It is not same about this system in various countriesIn Geneva law countries, the negotiable instruments is considered as a kind of securities, while it is considered as a contract, and a kind of property in America. Such difference in location of the negotiable instruments makes the two negotiable instrument law system having some obvious differences in the basic rules of the negotiable instruments system. The mode of the law of negotiable instruments in Geneva law countries is taking the the act of the negotiable instrument as the logical center while it is clearing the rights and obligations of the parties concerned in America. The rights of the negotiable instruments is the aggregate of the bill material right and bill content rights in Geneva law countries,but there is no such distinction in America. The way of the circulation of the negotiable instruments include issue, endorsement and delivery in Geneva law countries while it include issue, negotiation and transfer in America. The parties recorded on the instruments would be adjusted by the law of the negotiable instruments and others are rarely adjusted in Geneva law countries, but America is not.The difference in location of the negotiable instruments and the basic rules of the negotiable instruments system make the two negotiable instrument law system having some obvious differences in the defenses to instruments. In Geneva law countries, the connotation of the defenses to instruments is focused on the act of the negotiable instrument while it is the debtor of the negotiable instrument refusing to perform the obligation of the bill in America. The parties of the defenses to instruments is confined on the person whose name appearing in the negotiable instrument in Geneva law countries, but there is no such restriction in America. The legal norm of the defenses to instruments is disorder in Geneva law countries, but it is centralized and unified in America. The reasons and the classification of the defenses to instruments are emphasis on the effect of the act of the negotiable instrument in Geneva law countries and the holder in due course is more important in America. The restriction of the defenses to instruments lies in the defenses of the debtor of a negotiable instrument to the drawer or the front holder of the holder in Geneva law countries which lies in the holder in due course and the rules of contract law in America.The law of negotiable instruments and the defenses to instruments in China combines the characteristics of the two negotiable instrument law system, but failed to overcome the lack of them. There some defects in the ideas of legal system, the rules of the rights, and the parties of the negotiable instruments, and also in the classification of the defenses to instruments. We should open our view of legal system, adjust the rules of the rights of the negotiable instruments, modify the rules of the parties of the negotiable instruments, and the classification of the defenses to instruments.