The author pointed out that the legal nature of note discount should be the two parties' legal act of bill right transfer by analyzing defects of "the loan doctrine" and "the note act doctrine".

作者通过分析“贷款说”和“票据行为说”的缺陷，指出票据贴现的法律性质应该为票据权利转让的双方法律行为。

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Purchase of a post-dated bill of exchange or promissory note by a Bank by means of deducting non-accrued interest in advance shall be called a discount.

银行对远期汇票或本票，以折扣方式预收利息而购入者，谓贴现。

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