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Encyclopedia Britannica - Main :: BER-BLA |
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BILL OF EXCHANGE , a form of negotiable instrument , defined below, the history of which, though somewhat obscure, was ably summed up by Lord Chief
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Before 1882 the English law was to be found in 17 statutes dealing with isolated points, and about 2600 cases scattered over some 300 volumes of reports. The Bills of Exchange Act 1882 codifies for the United Kingdom the law relating to bills of exchange, promissory. notes and cheques. One peculiar Scottish rule
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instrument , and then to refer to the special
indorsement or delivery according to its tenor, can sue thereon in his own name; and, secondly, he holds it by an independent title. If he takes it in good faith and for value, he takes it free from " all equities," that is to say, all defects of title or grounds of defence which may have attached to it in the hands of any previous party. These characteristic privileges were conferred by the law merchant, which is part of the common law, and are now confirmed by statute
Definition.By 3 of the act a bill of exchange is defined to be " an unconditional order in writing, addressed by one person to another, signed by the person giving it, requiring the person to whom it is addressed to pay on demand or at a fixed or deter-minable future time a sum certain in money to or to the order of a specified person, or to bearer."' The person who gives the order is called the drawer. The person thereby required to pay is called the drawee. If he assents to the order, he is then called 1 This is also the definition given in the United States, by 126 of the general act relating to negotiable instruments, prepared by the conference of state commissioners on uniform legislation, and it has been adopted in the leading states. the acceptor. An acceptance must be in writing and must be signed by the drawee. The mere signature of the drawee is sufficient (17). The person to whom the money is payable is called the payee. The person to whom a bill is transferred by indorsement is called the indorsee. The generic term " holder" includes any person in possession of a bill who holds it either as payee, indorsee or bearer. A bill which in its origin is payable to order becomes payable to bearer if it is indorsed in blank.If the payee is a fictitious person the bill may be treated as payable to bearer ( 7). The following is a specimen of an ordinary form of a bill of exchange:loo LONDON, Ist January 1901. Three months after date pay to the order of Mr J. Jones the sum of one hundred pounds for value received. End of Article: BILL OF EXCHANGE If you wish, you can link directly to this article.
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