1. Is the statute of limitations for bills recourse disputes three years?
No; According to the provisions of Article 17 of People's Republic of China (PRC)'s Negotiable Instruments Law, if the rights of negotiable instruments are not exercised within the following period, the rights of negotiable instruments 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.
Second, what are the conditions for exercising recourse?
1, recourse after maturity
If a bill is refused to pay after its maturity, the holder may exercise the right of recourse against the drawer, endorser and other debtors of the bill.
2. Right of recourse before expiration
Before the maturity date of the bill, the holder may exercise the right of recourse under any of the following circumstances:
(1) The bill was refused to be accepted;
(2) The acceptor or payer dies or goes into hiding;
(3) The acceptor or payer is declared bankrupt according to law;
(4) The acceptor or payer is ordered to terminate business activities due to violation of the law.
3. What is the litigation process of the bill recourse dispute?
1. Prosecution: Submit a complaint to a court with jurisdiction.
2. Filing review: if the conditions for filing are met, the parties concerned shall be notified to pay the legal fees within 7 days, and the case shall be filed after paying the fees; If it does not meet the conditions for filing a case, it shall be ruled inadmissible and the prosecution shall be dismissed. If you refuse to accept the decision to dismiss the prosecution, you will appeal to the Higher People's Court within 10 days.
3. After the prosecution is accepted
The court will send a copy of the complaint to the other party within 5 days, and the other party will reply within 15 days.
4. Arrange the court session time
Notify the parties of the time, place and undertaker of the court session three days in advance, and make an announcement three days in advance for cases that are tried in public.
Step 6 hold court sessions
Announce the hearing, check the identity of the parties, announce the members of the collegial panel, inform the parties of their rights and obligations, and ask whether to apply for withdrawal.
7. Reach a mediation agreement
Make a conciliation statement, which will take effect after being signed by both parties. When the parties perform the contents of the mediation agreement or apply for execution, they apply to the court for retrial.
If no mediation agreement is reached, the collegial panel will make a judgment (ruling): if the judgment is agreed, the parties will automatically perform the obligations stated in the judgment document or apply to our hospital for compulsory execution. Those who refuse to accept the judgment shall appeal to the people's court at a higher level within 10 days from the date when the ruling is served, and appeal to the people's court at a higher level within 15 days from the date when the judgment is served.
Legal objectivity:
People's Republic of China (PRC) negotiable instrument law
Article 17
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.