Civil Code Article 722
This English translation was last updated on 2021-01-20, but the Chinese text was amended on 2026-08-17. Later amendments may not be reflected in the translation — please refer to the Chinese text.
The maker of a security payable to bearer may only take the defenses which result from the voidance of the securities itself, or for its tenor, or from his legal relationship with bearer as valid defenses against the bearer. However if the bearer acquires the securities in bad faith, the maker may also take the defenses against the former bearer as valid defenses against the bearer.
中文原文 民法第722條
無記名證券發行人，僅得以本於證券之無效、證券之內容或其與持有人間之法律關係所得對抗持有人之事由，對抗持有人。
但持有人取得證券出於惡意者，發行人並得以對持有人前手間所存抗辯之事由對抗之。
但持有人取得證券出於惡意者，發行人並得以對持有人前手間所存抗辯之事由對抗之。