When a bill of exchange is presented within a reasonable time but is refused to be accepted, or when it is presented on the due date but is refused to be paid, the holder has the right of recourse. The right of recourse means that when a bill of exchange is not paid at maturity or is not accepted before maturity or there are other legal reasons, the holder has the right to request the drawer, endorser or other bill debtor of the bill of exchange to repay the amount of the bill of exchange, interest and related expenses (such as notarization fees) after performing the preservation procedures in accordance with the law.
The right of recourse of the holder of the bill of exchange is a special right in the bill of exchange law. This right has the following properties: ① Joint or joint. The drawer, acceptor, endorser and other bill debtors are jointly and severally liable to the holder. ② Leapfrog or selectivity. The holder can choose the object of recourse on his own, without having to pursue it in the order of the debts. At the same time, he can pursue it from one debtor, from several debtors, or from all debtors. ③ Change of direction or changeability. If the holder has pursued one or several of the bill debtors, he can still exercise the right of recourse against other bill debtors who have not been pursued. ④ Transferability or subrogation. After the holder exercises the right of recourse and obtains repayment, the right of recourse is not extinguished, but transferred to the person being pursued. After the debt is paid, the person being pursued enjoys the same rights as the holder and can continue to pursue his predecessor. At the same time, he also has the above-mentioned right of overtaking and right of indirect claim.
A person who has the right of recourse according to law is the person who has the right of recourse or the person who has the right of recourse. Usually, the person who has the right of recourse is divided into the initial person who has the right of recourse and the person who has the right of recourse. The initial person who has the right of recourse is the last holder of the bill, also known as the basic person who has the right of recourse. The last holder of the bill is also the final creditor of the bill. When he fails to obtain payment at maturity or fails to obtain acceptance before maturity, he can exercise the right of recourse, that is, the initial right of recourse. When the holder is the drawer, he has no right of recourse against his predecessor. The person with the right of recourse refers to the debtor of the bill of exchange who has paid off. He enjoys the same rights as the holder and can exercise the right of recourse against other debtors. The persons with the right of recourse include endorsers, guarantors and participating payers.
The person being pursued is also called the obligor to repay. The obligor is responsible for repaying the amount of the bill of exchange, interest and expenses. The persons being pursued generally include the following three types: ① The drawer. Since the drawer should guarantee acceptance and payment in accordance with the text of the bill of exchange, the drawer will become the person being pursued. However, if the drawer has an agreement to exempt the guarantee acceptance when the bill of exchange is issued, the holder shall not exercise the right of recourse against him before the due date. When the holder is the drawer, he has no right of recourse against his predecessor. ② Endorser. The endorser of the bill of exchange becomes the person being pursued because he bears the responsibility of guaranteeing acceptance and payment. However, if the endorser has an agreement to exempt the guarantee liability, the holder shall not exercise the right of recourse against him before the due date. At the same time, when the holder is the endorser, he has no right of recourse against the endorser’s successor. The endorser who prohibits endorsement does not bear the bill liability for the successor other than his direct endorsee, so he cannot become the person to be pursued. The purpose of the endorsement made by the endorser of the entrusted withdrawal endorsement is not to transfer the bill rights, and his endorsement does not generate the guarantee payment liability. Therefore, the endorser cannot become the person to be pursued. ③ Other bill debtors. These persons to be pursued include guarantors, acceptors or participating acceptors.