Right of recourse

Japanese: 遡求権 - そきゅうけん

When a bill or check is not paid or the possibility of payment is significantly reduced due to the bankruptcy or suspension of payment of the payor (the issuer of a promissory note, the acceptor of a bill of exchange, or the payor who does not accept a bill of exchange), the holder of the bill or check has the right to claim a certain amount (the amount of the bill and other expenses, i.e., the recourse amount) from the endorser, issuer (the issuer of a promissory note is not included in this category because he is not a party liable for recourse), guarantor of these parties, etc., as compensation for the original payment. It is also called a right of recourse. The substantial requirement for recourse is that the bill holder has made a lawful presentment for payment to the issuer in the case of a promissory note, or the acceptor in the case of a bill of exchange (or the person responsible for payment of these persons; in the case of a check, the payor's bank) within the presentment period, but payment of all or part of the bill amount has been refused. The formal requirement is that a protest document is prepared within the presentment period.

Source: Encyclopaedia Britannica Concise Encyclopedia About Encyclopaedia Britannica Concise Encyclopedia Information

Japanese:

手形，小切手の支払いがなされないか，または支払人 (約束手形の振出人，為替手形の引受人または引受けをしない支払人) の破産，その支払停止などにより支払いの可能性が著しく減少した場合に，その所持人が裏書人，振出人 (約束手形の振出人は遡求義務者ではないからこれに含まない) ，これらの保証人など，自己の前者に対して本来の支払いに代るべき代償として一定の金額 (手形金額その他の費用，すなわち遡求金額) を請求する権利。償還請求権ともいう。遡求の実質的要件は，支払呈示期間内に手形所持人が，約束手形の場合は振出人，為替手形の場合は引受人 (またはこれらの者の支払担当者。小切手の場合は支払人たる銀行) に対し適法な支払呈示をしたにもかかわらず手形金額の全部または一部の支払いが拒絶されたことであり，形式的要件は，支払呈示期間内に支払拒絶証書を作成することである。

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