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e guarantee's debt is invalid because the particulars specified on the bill are incomplete.
Article 50 Where a bill of exchange is guaranteed, the guarantor shall, together with the guarantee, undertake joint and several liability to the holder thereof. Where payment is not made at the maturity of such bill, the holder is entitled to demand payment from the guarantor and the latter shall pay the bill in full.
Article 51 Where there are two or more guarantors, they shall undertake joint and several liability.
Article 52 After the guarantor pays off the debt of the bill of exchange, the guarantor may exercise the right of recourse as enjoyed by the holder against the guarantee and his prior parties.
Section 5 Payment
Article 53 The holder shall present the bill of exchange for payment within the following time limits:
(1) one month after the date of issue for a bill payable at sight to be presented to the drawee; and
(2) ten days after the date of maturity for a bill payable at fixed date, at a fixed period after the date of issue or at a fixed period after sight to be presented to the acceptor.
Where the holder fails to present the bill for payment within the prescribed period, the acceptor or drawee shall remain liable for the payment of the bill after the holder explains the situation.
Presentment for payment made to the drawee through an authorized collecting bank or at a clearing system is deemed as presentment made by the holder.
Article 54 The drawee shall pay the bill in full on the day when the holder presents the bill for payment in accordance with the provisions of the preceding Article.
Article 55 The holder shall receipt the bill and surrender it to the drawee when he receives payment. Where a holder authorizes a bank to receive payment on his behalf, the bill is deemed as receipted when the authorized bank credits the collected sum to the holder's account.
Article 56 The liability of the bank authorized by the holder to receive payment shall be limited to crediting the sum on the bill to the holder's account according to the particulars specified on the bill.
The liability of the bank authorized by the drawee to make payment shall be limited to paying the sum on the bill from the drawee's account according to the particulars specified on the bill.
Article 57 When paying a bill, the drawee or his agent shall examine the uninterruptedness of the series of endorsement and the lawful identity certificate or the valid certificate of the person presenting the bill
The drawee or his agent who makes payment out of ill intention or with gross negligence shall bear liability on his own.
Article 58 Where the drawee makes payment before the date of maturity for a bill of exchange payable at a fixed date, at a fixed period after the date of issue, or at a fixed period after sight, the drawee shall bear the liability deriving therefrom on his own.
Article 59 When the sum on a bill of exchange is expressed in a foreign currency, the sum shall be paid in Renminbi according to the market exchange rate on the day of payment.
Where the parties to a bill of exchange have agreed otherwise regarding the type of currency in payment, such agreement shall be complied with.
Article 60 After the drawee pays the bill in full according to law, all persons liable for the bill of exchange are discharged from liabilities.
Section 6 Right of Recourse
Article 61 Where the payment of a bill of exchange is refused at the date of maturity, the holder may exercise the right of recourse against the endorsers, the drawer and other persons liable for the bill.
Prior to the date of maturity, the holder may also exercise the right of recourse under any of the following circumstances:
(1) the bill is dishonored by non实践证明经常访问无忧英语教育网 www.51education.net ,能迅速提高你的英语学习能力!积沙成塔,不断提高! 本站所提供的所有信息仅供学校课堂教学及英语学习者学习研究之用，其著作权归原作者及媒体所有。
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