Folk receipts are signed by witnesses and recipients, and have legal effect. Article 55 of the General Principles of the Civil Law A civil juristic act shall meet the following conditions: (1) The actor has corresponding capacity for civil conduct; (2) the will is true; (3) It does not violate the law or public interests. The Supreme People's Court's Interpretation on Several Issues Concerning the Application of the Contract Law of People's Republic of China (PRC) (II) Article 5 Where a contract is concluded in the form of a contract, the parties shall sign or seal it. If the parties press their fingerprints on the contract, the people's court shall determine that it has the same legal effect as the signature or seal. Article 4 of "Guiding Opinions of Zhejiang Higher People's Court on Several Issues Concerning the Trial of Private Lending Disputes" stipulates that the party holding the creditor's rights certificates such as IOUs is presumed to be a creditor and has the plaintiff's subject qualification. Therefore, although only the name of the payee is written on the receipt, the holder of the receipt can still claim the creditor's rights from it.