Studies Of Legal Issues On Finality Of Payment

As currency appeared, came along with the finality of payment. Yet,there was little systematic study in academic circle before 1970s. Only shocked by the wave of Herstatt Bank failure in 1974, did people come to emphasize the finality of payment, in terms of precenting and reducing payment risks. Comparatively, there was still a blank paper in Chian's academic research. Therefor, this paper studies by defining the finality of payment and make a thorough study of relevant subjects, including it's functions to distribute risks, the time to comfirm it, and it's legal consequence. Finally, this paper put forward some benefinial proposals to perfect China's relevant law.