The Research On Legal Issues Of Electronic Commercial Draft

The electronic commercial draft system was designed out about three years ago, andit was largely used in practice. However, the Law of Negotiable Instruments waspublished about seventeen years ago, is seriously lagging behind the development of billspractices. So electronic commercial draft doesn’t have a proper legal status, the rightsand obligations of all the parties to a bill is not clear enough, the meaning of a variety ofbill transactions according the law are not defined by any research.Based on the introduction of the background of the electronic commercial draft andthe problems existed about it in the exordium, in the first chapter the writer analyzed therelations and differences between the bills in electronic system and the bills with a papercharacteristic, at the same time what the advantages and limitations of the electroniccommercial draft are. In the aspect of the parties to the bill, the electronic commercialdraft is very different from the bill with a paper characteristic, the legal status of theparties and the rights and obligations of them were discussed in the second chapter.Because of different media carrier, the specific operation of each transaction of theelectronic commercial draft and its legal effect are very different from the bill with apaper characteristic, and this is the focus of this article. In the third chapter, it analyzedthe special elements of the transaction needed to become effective, the particularity of thesignature, how to draw a bill, the special elements of the acceptance and the impawn. Asthe last step of the bill relationship, the payment is also very important. The procedureand the pattern of the payment and the payer’s review obligations and other related issuesof the payment were discussed in the fourth chapter. After all, on the basis of the earlierstudies, the writer put forward her own recommendations from the legal perspective todesign the system which can avoid the security risks.