GUANG DONG SHANGDA (FU TIAN) LAW FIRM
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Bankers' acceptances Financial Securities Disputes

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Plaintiff: Agricultural Bank of China branch in the eastern outskirts of Xining Office (hereinafter referred to as the eastern outskirts of ABC Office)
Defendant: Silver Trust and Investment Corporation (hereinafter referred to as the silver companies)

Third person: Xining City Chengdong Haiyun Trade Mall (hereinafter referred to Haiyun mall)


ABC eastern outskirts of the Office for the introduction of funds from the SOUTH Aviation Enterprise Group (hereinafter referred to as South Africa Group), on September 4, 1990 issued to the PLA 9560 factory (South Africa Group subsidiary companies) in favor of the introduction of bank acceptance bills as funds guarantee.

In mid-September the same year, South Africa Group General Manager Lin contractor and the Group's Beijing Office Jiangmou to the Bank Company loans, in negotiations, Lin proposed the eastern outskirts of the payee to ABC Office issued PLA 9560 factory bank acceptances 20 million yuan as collateral for loans, and the bill to the silver companies. On the 14th of the month, the two sides signed a loan "RMB Loan Contract", agreed: Bank of the company paid 20 million yuan working capital loan to South Africa Group, the monthly interest rate 9.36 ‰, 8-month period (September 14, 1990 to May 1991 16). South Africa Group and deputy general manager Lin Yim silver companies are on contract signature, debit official seal stamped with the Zhongnan Group and People's Liberation Army 9560 factory seal, the lender company seal stamped in silver. After signing the contract, taking into account the Bank of South Africa Group company mismanagement, worried unable to repay the loan maturity Zhongnan Group, proposed to mortgage bankers' acceptances payee changed from People's Liberation Army in 9560 as a silver factory company. September 20 the same year, the Bank of the company in consultation with the Zhongnan Group Added in the original loan contract the guarantee clause: "the borrower to the lender out in favor of bankers' acceptances as collateral, the borrower in the loan guarantee issued within 15 days after the bank accepted bill out, overdue loans are subject to daily debit direction 5? the penalty, the first loans 5,000,000 yuan, 15 million yuan ticket to then-prime. "In the same year on September 27, SOUTH Vice Chairman Dengmou to Xining, ABC Office proposed to the eastern outskirts of the Bank must be opened with the company 20 million yuan for the payee's bank acceptances, South Africa Group to do the introduction of funding for the bank in the eastern suburbs. In the same year on October 1, Bank of Lee, vice president of corporate credit, South Africa Group Lin, Jiangmou together to Xining, the requirements of the bank office in the eastern suburbs of the payee bank acceptances will change by the People's Liberation Army in 9560 as a silver factory company. That night, Lee to do the eastern outskirts of Liu, deputy director of ABC produced a silver company in the same year on September 25 issued to the PLA 9560 factory 976 million bank draft. 3 October the same year, the bank issued the eastern suburbs do Haiyun Store for acceptance to the applicant company to the Bank as the payee, the total face value of 20 million yuan of bank acceptance bills (ticket number: X16858015, X16858016), the maturity date of July 3, 1991. On the same day, ABC Director Sumou eastern outskirts, deputy director Ryu in Lanzhou City, said two bankers' acceptances second company linked to the Bank of Lee, Lee will be 9.76 million yuan bank draft to Lin. In the same year on October 7, Jiangmou in Guangzhou Liu removed from office on the 3rd month bankers' acceptances issued by a third-linked (de Hul-linked) to the Bank of the company in Beijing, while the recipient is retrieved from the company for the People's Liberation Army 9560 plant face amount totaled 20 million yuan of bank acceptances in Guangzhou refund Ryu. Expiring on the 30th month, the Bank granted the company a total of Zhongnan Group working capital loans 19.52 million yuan, while lending fees directly deducted 480,000 yuan. After South Africa Group to obtain loans, which will be 6.5 million yuan dump Xining City Chengdong Haiyun Trade Mall (hereinafter referred to Haiyun mall) in the eastern suburbs ABC office account.


BOC after the company was unable to recover the loan maturity loan principal and interest from the South Africa Group. ABC eastern outskirts do after that, the company seize the Bank communicated collection loans, the Bank seeks to do the ABC schedule in the eastern suburbs of fare payment bank acceptances, ABC eastern outskirts of the Office to this end to the courts on June 27, 1991, request confirmation Agricultural Bank of China 20 million yuan bank acceptance bills issued by the eastern suburbs do invalid. BOC companies during the defense filed a counterclaim, the bank requires banks to immediately pay the eastern outskirts of office has expired acceptances fare losses and compensation for bank acceptances after expiry failed to honor period.

Also, during the court hearing the case, South Africa Group has been declared bankrupt and bankruptcy proceedings have been terminated. Court of First Instance, the Bank Company loans to South Africa Group, to the eastern outskirts of ABC Office issued payable to the Bank's bank acceptances as collateral, the bank in the eastern suburbs do so between the company and the formation of Silver bank acceptance collateral law relationship. But because the bank acceptances no commodity transaction-based, so the bank acceptance collateral invalid, in the eastern suburbs of silver company and ABC have to do this invalid fault liability, rights of the parties in the collateral should be set accordingly invalid.


Second instance court held that the bank in the eastern suburbs do because the original Zhongnan Group, the Bank seeks to BOC issued by the company as the payee, the total par value of 20 million yuan of the two bankers' acceptances, loan to the Bank as previously Zhongnan Group guarantee, whereby the bank office and in the eastern suburbs of silver company formed a legal relationship bankers 'acceptances, and that since the issuance of bankers' acceptances and bills took place on the debtor-creditor relationship. The two bankers' acceptances for a complete and effective formula, as do the case in the eastern suburbs of ABC Bank acceptances of the debtor shall be the nominal amount of unconditional payment record. Bank of the company as a case of receivables and bank acceptances holder enjoys the eastern outskirts of the draft is due to do right payment request ABC fare.


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