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Belgian bill of exchange, 1933. A bill of exchange is essentially an order made by one person to another to pay money to a third person. A bill of exchange requires in its inception three parties—the drawer, the drawee, and the payee. The person who draws the bill is called the drawer. He gives the order to pay money to the third party.
The Bills of Exchange Act 1882 (45 & 46 Vict. c. 61) is an act of the Parliament of the United Kingdom that codified the law relating to bills of exchange.Bills of exchange are widely used to finance trade and, when discounted with a financial institution, to obtain credit.
A 1926 promissory note from the Imperial Bank of India, Rangoon, Burma for 20,000 rupees plus interest. A promissory note, sometimes referred to as a note payable, is a legal instrument (more particularly, a financing instrument and a debt instrument), in which one party (the maker or issuer) promises in writing to pay a determinate sum of money to the other (the payee), [1] subject to any ...
Commercial law (or business law), [1] which is also known by other names such as mercantile law or trade law depending on jurisdiction; is the body of law that applies to the rights, relations, and conduct of persons and organizations engaged in commercial and business activities.
Holder is a term used to any person who has a promissory note or bill of exchange in their possession. [1] The holder may be the payee, endorsee, or bearer. [1] The holder can enforce, or seek payment for, the bill. [2] A holder for value is a holder who has given value for an instrument. [2]
An allonge (from French allonger, "to draw out") is a slip of paper affixed to a negotiable instrument, as a bill of exchange, for the purpose of receiving additional endorsements for which there may not be sufficient space on the bill itself. An endorsement written on the allonge is deemed to be written on the bill itself.
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Warrants could be redeemed by the army paymasters, but most often they were used like cash by the recipient. Warrants, like bills of exchange and vouchers, were often heavily discounted and depreciated in value. The fortunes of war could be traced through the discount rates on warrants, vouchers, and Continental dollars.