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Bill of Exchange
BILL OF EXCHANGEA three-party negotiable instrument in which the first party, the drawer, presents an order for the payment of a sum certain on a second party, the drawee, for payment to a third party, the payee, on demand or at a fixed future date. A bill of exchange is distinguishable from a promissory note, since it does not contain a promise and the drawer does not expressly pledge to pay it. It is similar to a note, however, since it is payable either on demand or at a specific time. The terms bill of exchange and draft are synonymous; however, the former is generally used in international law, whereas the latter is used in the uniform commercial code. |
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Cite this article
"Bill of Exchange." West's Encyclopedia of American Law. 2005. Encyclopedia.com. 31 May. 2012 <http://www.encyclopedia.com>. "Bill of Exchange." West's Encyclopedia of American Law. 2005. Encyclopedia.com. (May 31, 2012). http://www.encyclopedia.com/doc/1G2-3437700531.html "Bill of Exchange." West's Encyclopedia of American Law. 2005. Retrieved May 31, 2012 from Encyclopedia.com: http://www.encyclopedia.com/doc/1G2-3437700531.html |
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bill of exchange
bill of ex·change • n. a written order to a person requiring the person to make a specified payment to the signatory or to a named payee; a promissory note. |
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Cite this article
"bill of exchange." The Oxford Pocket Dictionary of Current English. 2009. Encyclopedia.com. 31 May. 2012 <http://www.encyclopedia.com>. "bill of exchange." The Oxford Pocket Dictionary of Current English. 2009. Encyclopedia.com. (May 31, 2012). http://www.encyclopedia.com/doc/1O999-billofexchange.html "bill of exchange." The Oxford Pocket Dictionary of Current English. 2009. Retrieved May 31, 2012 from Encyclopedia.com: http://www.encyclopedia.com/doc/1O999-billofexchange.html |
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bill of exchange
bill of exchange see draft . |
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Cite this article
"bill of exchange." The Columbia Encyclopedia, 6th ed.. 2011. Encyclopedia.com. 31 May. 2012 <http://www.encyclopedia.com>. "bill of exchange." The Columbia Encyclopedia, 6th ed.. 2011. Encyclopedia.com. (May 31, 2012). http://www.encyclopedia.com/doc/1E1-X-billexch.html "bill of exchange." The Columbia Encyclopedia, 6th ed.. 2011. Retrieved May 31, 2012 from Encyclopedia.com: http://www.encyclopedia.com/doc/1E1-X-billexch.html |
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