According to different classification standards, promissory notes can generally be divided into the following types.
1. Registered promissory notes, bearer promissory notes and order promissory notes
This classification is based on whether the right holder is recorded on the promissory note. A registered promissory note (also known as a bill of lading) refers to a promissory note that records the name of the payee when it is issued, and the holder must endorse it when transferring it. A bearer promissory note (also known as a bearer promissory note) refers to a promissory note that does not record the name of the payee when it is issued, or records it as “the bearer” or “the holder”. When the holder transfers it, he only needs to deliver it without endorsing it. An order promissory note refers to a promissory note that records “or its designated person” in addition to the name of the payee when it is issued. When the issuer issues this type of promissory note, he shall not prohibit the holder from endorsing and transferring it. According to Article 75 of my country’s “Bills of Exchange Law”, a promissory note must record the name of the payee, otherwise the promissory note is invalid. Therefore, there are no bearer promissory notes and order promissory notes in my country, only registered promissory notes.
2. Bank Promissory Notes and Commercial Promissory Notes
This classification is based on the different identities of the issuers. The issuer of a bank promissory note is a bank, and the issuer of a commercial promissory note is other enterprises, groups, institutions, etc. other than banks. Article 73 of my country’s “Bills of Exchange Law” stipulates that only banks can issue promissory notes in my country, and other enterprises cannot issue promissory notes. It can be seen that there are only bank promissory notes in my country, but no commercial promissory notes.
A bank promissory note refers to an unfixed amount promissory note issued by a commercial bank and payable immediately to a named beneficiary. A bank promissory note can be used as cash and handed over to customers who withdraw deposits. Commercial banks can also issue promissory notes (bank notes) that are payable immediately to the visitor in a fixed amount. After purchasing, customers can use them as currency for payment and they are easy to carry. Since this type of bank promissory note is likely to increase the amount of currency in circulation, countries generally do not allow commercial banks to issue fixed amount bearer (visitor) promissory notes, but can issue unfixed amount registered promissory notes.
3. Sight promissory notes and long-term promissory notes
Sight promissory notes refer to promissory notes payable on sight, and the holder can ask the issuer to pay at any time from the date of issue. Long-term promissory notes refer to promissory notes whose holder can only ask the issuer to pay on the due date of the bill. Long-term promissory notes are divided into periodic promissory notes, promissory notes payable at a fixed period after issue, and promissory notes payable at a fixed period after sight. my country’s “Bills of Exchange Law” does not recognize the validity of long-term promissory notes, that is, in my country, all promissory notes are payable on sight. Therefore, the function of my country’s promissory notes is only a payment tool, and its credit function is reduced.
4. Fixed-amount promissory notes and unfixed-amount promissory notes
According to my country’s “Payment and Settlement Methods”, the face value of fixed-amount promissory notes is 1,000 yuan, 5,000 yuan, 10,000 yuan and 50,000 yuan: the amount of unfixed-amount promissory notes is agreed upon by the issuer and the payee.
In addition, based on the place where the bill transaction takes place, promissory notes can be divided into domestic promissory notes and foreign promissory notes; based on the payment method, promissory notes can be divided into cash promissory notes and transfer promissory notes.