Bill of exchange

Definition of Bill of exchange

(Com.) a written order or request from one person or house to another, desiring the latter to pay to some person designated a certain sum of money therein generally is, and, to be negotiable, must be, made payable to order or to bearer. So also the order generally expresses a specified time of payment, and that it is drawn for value. The person who draws the bill is called the drawer, the person on whom it is drawn is, before acceptance, called the drawee, - after acceptance, the acceptor; the person to whom the money is directed to be paid is called the payee. The person making the order may himself be the payee. The bill itself is frequently called a draft. See Exchange.
See under Bill.

See also: Bill exchange

Related Words

acceptance, bank check, bank draft, banker's acceptance, banker's draft, check, cheque, dividend warrant, draft, foreign bill, foreign draft, inland bill, money order, negotiable instrument, order of payment, overdraft, postal order, redraft, sight bill, sight draft, time bill, time draft, trade acceptance
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