A Study On The Legal Regulation Of The Cancellation Of Bill

The cancellation of bill, as an important manifestation of the defect bill, refers to the behavior which eliminates the signature on the note or other recordation. In the process of notes circulation,it often happen that note parties or others cancel the bill intentionally or unintentionally. Negotiable Instruments Law in China did not act on the cancellation of bill. In many law cases,the bill which is cancelled need a re-issue.How to sure and stipulate the action of the cancellation of bill, have an effect on protecting transaction security, promoting the circulation of bills and asserting rights of bill parties.In order to lay the theoretical foundation, the article identify the definition of cancellation of bill, find the distinction between other similar concepts and classify it. Most of the world, especially in Geneva, Anglo—American and Tai Wan negotiable instrument law, the legislative acts of cancellation of bill have a more mature style. The three types of legislation have made specific provisions on cancellation of endorsement, cancellation of acceptance and cancellation of crossing. The cancellation of endorsement refers to the behavior that the note holder or endorser cancell the signature on the note or other recordation. The cancellation of acceptance refers to the behavior that payer eliminates his acceptance before he hands the acceptednote to the note holder. The cancellation of crossing is the behavior cancelling the check lineation. Based on analyzing the three behaviors of cancellation of bill emphaticly,the author takes the view that the liability of notes includes notes responsibility and others. Applying the principle of fault liability, the article make specific instructions illustrate on the intentional and unintentional acts of cancellation.In orde to regulate the behavior of cancellation, quicken note negotiation, protect note rights, the autor tables a proposal about regulating it in both general rules and material bill acts which borrowed ideas from other countries. In the Negotiable Instruments Law, it should stipulate for the cancellation of bill in general provisions, sub-rule on cancellation of endorsement and cancellation of acceptance, and act the responsibility of cancellation in the chapter on legal liability. Better for specifying cancellation of bill, in judicial practice, shoule improve the specific operation in the public notice procedure and litigation procedure of cancellation of bill.