First, the extinction time of bill rights.
1, as the case may be, according to the elimination time of rights:
(1) During the exercise of rights to the drawer and acceptor, the maturity date of bills is two years, and bills and promissory notes payable at sight are two years from the date of issue. If the bill rights are not exercised during this period, the bill rights will be extinguished;
(2) The period during which the drawer of a cheque exercises his rights shall be extinguished within 6 months from the date of issue.
(3) During the period of exercising the priority of recourse, it shall be exercised within 6 months from the date of refusing acceptance or payment;
(4) The period for exercising the right of recourse against the prior parties shall be within three months from the date of the end of liquidation or the date of being sued.
2. Legal basis: Article 42 of Bill Law.
When accepting a bill of exchange, the drawee shall record the word "acceptance" and the date of acceptance on the front of the bill and sign it; A bill payable periodically after sight shall record the date of payment at the time of acceptance. If the date of acceptance is not specified on the bill of exchange, the last day of the period specified in the first paragraph of the preceding article shall be the date of acceptance. Article 43 The drawee shall unconditionally accept the bill of exchange; Conditional acceptance shall be deemed as refusal to accept. Article 44 After accepting a bill of exchange, the drawee shall be liable for payment when due.
2. What are the relevant provisions on the prescription of bill rights?
The limitation of bill rights involves three objects:
1. Rights of the holder of a bill of exchange against the drawer. The drawer of a bill of exchange has the obligation to guarantee acceptance and payment to the holder. When the bill is not accepted or paid, the holder has the right to recover from the drawer within two years.
2. The rights of the holder of the bill of exchange to the acceptor. After accepting a bill of exchange, the acceptor shall bear the responsibility for payment when due. Therefore, the holder has the right to demand payment from the acceptor. When the payment is not made, the holder has the right of recourse against the acceptor within two years;
3. The rights of the promissory note holder to the drawer. Promissory notes are self-paying securities, and the drawer must bear the responsibility for payment when the holder presents the bill. If the holder fails to present the payment within the time limit stipulated in the promissory note, he shall lose the right of recourse against his prior party and claim compensation from the drawer within the limitation period. The limitation period for the rights of the holder of a promissory note against the drawer is two years.
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Legal basis: Article 17 of People's Republic of China (PRC) Bill Law.
If the bill is not exercised within the following time limit, the bill right shall be extinguished:
(1) The rights of the holder against the drawer and acceptor shall be two years from the maturity date of the bill. Bills of exchange and promissory notes payable at sight are valid for two years from the date of issue;
(2) The rights of the holder to the drawer of the cheque are six months from the date of issue;
(3) The holder's right of recourse against the prior party shall be six months from the date of refusal to accept or pay.
(4) The holder's right of recourse against the prior party shall be three months from the date of liquidation or the date of prosecution.
The date of issue and maturity of a bill shall be determined by the parties to the bill according to law.