Study Of The Right Of Recourse

Negotiable instruments are the earliest and most typical valuable securities with the name of the father of valuable securities,and it is well known that negotiable instruments are the best instrument of exchange. Being one of the important parts of rights of bills,right of recourse is the supplement and guaranty of right of claim for payment which is the main right of instruments right. And it is the second right. Right of recourse is essential on protecting interests of holder, credit of bills and promoting instruments circulating. In order to understand right of recourse further, the thesis makes a systematical and all-round study of right of recourse from the angles of concept ,subjects, essentials,effects and prescription,making it form into a system. The thesis includes five parts.The first chapter is introduction of right of recourse of negotiable instruments. In this part, beginning with the concept and legislation of right of recourse the author studies nature and features of right of recourse, analyses the types of right of recourse according to different standards, and finally compares right of recourse with right of claim for payment, right of claim for repayment of interests and creditors'right of civil law so as to follow the concept of right of recourse for us.The second chapter is subjects of right of recourse,which includes persons who exercise recourse and ones who are being exercised recourse. The first part separately studies person who exercises right of recourse in general situations and person in special situations, and emphasizes the issue of limitation of persons exercising recourse and issue of right of recourse of loser. In the second part, after making an all-round study of all sorts of persons who are being exercised recourse the author mainly discusses the special issue whether the acceptor is able to be person whom is being exercised recourse.The third chapter is essentials of right of recourse,including substantial essentials and formal essentials. This part studies the concrete acquisitions of"the legal holder"of substantial essentials and categories of"objective causes"which can arouse right of recourse to begin, and explains procedure of"presentation of bills"and types of"protest"in formal essentials in an all-round way. In the light of defects of provisions about recourse right's essentials of the Negotiable Instruments Law, for example, the presentation periods of bills of exchange payable on a fixed date after sight are extra long, presentation periods of bills of exchange and promissory notes are different, the Negotiable Instruments Law is absent of exception provisions on presentation of bills and statutory and contractual exception provisions on protest, the author provides some suggestions to solve them.The forth part is effects of right of recourse of negotiable instruments,which consists of effects of right of recourse for persons and effects for things. In the first part, the author makes a study of recourse right's effects of choosing objects of recourse and altering directions of recourse for persons who exercise recourse, and also analyses issues of liabilities and right by subrogation of persons who are being exercised recourse. The author discusses range and features of effects of right of recourse for things, and finally analyses the defects of provisions about effects of recourse right in the Negotiable Instruments Law, such as unreasonable provisions about range of amount of recourse, and raises suggestions of revising.The fifth chapter is prescription of right of recourse. Firstly, the thesis shows the nature of prescription of recourse right according to the comparison of prescription of right of recourse and limitation of action in civil law. Secondly, it analyses periods of prescription of right of recourse of different types of bills and different debtors of bills, and discusses the breaking off and pausing of prescription periods of right of recourse. Finally the thesis studies some problems existing in provisions on prescription of negotiable instruments and raises suggestions of revising.