The DICT Development Group
5 definitions found
for bill of exchange
From The Collaborative International Dictionary of English v.0.48 :
Raise \Raise\ (r[=a]z), v. t. [imp. & p. p. Raised (r[=a]zd);
p. pr. & vb. n. Raising.] [OE. reisen, Icel. reisa,
causative of r[imac]sa to rise. See Rise, and cf. Rear to
1. To cause to rise; to bring from a lower to a higher place;
to lift upward; to elevate; to heave; as, to raise a stone
or weight. Hence, figuratively:
(a) To bring to a higher condition or situation; to
elevate in rank, dignity, and the like; to increase
the value or estimation of; to promote; to exalt; to
advance; to enhance; as, to raise from a low estate;
to raise to office; to raise the price, and the like.
This gentleman came to be raised to great
The plate pieces of eight were raised three
pence in the piece. --Sir W.
(b) To increase the strength, vigor, or vehemence of; to
excite; to intensify; to invigorate; to heighten; as,
to raise the pulse; to raise the voice; to raise the
spirits or the courage; to raise the heat of a
(c) To elevate in degree according to some scale; as, to
raise the pitch of the voice; to raise the temperature
of a room.
2. To cause to rise up, or assume an erect position or
posture; to set up; to make upright; as, to raise a mast
or flagstaff. Hence:
(a) To cause to spring up from a recumbent position, from
a state of quiet, or the like; to awaken; to arouse.
They shall not awake, nor be raised out of their
sleep. --Job xiv. 12.
(b) To rouse to action; to stir up; to incite to tumult,
struggle, or war; to excite.
He commandeth, and raiseth the stormy wind.
Aeneas . . . employs his pains,
In parts remote, to raise the Tuscan swains.
(c) To bring up from the lower world; to call up, as a
spirit from the world of spirits; to recall from
death; to give life to.
Why should it be thought a thing incredible with
you, that God should raise the dead ? --Acts
3. To cause to arise, grow up, or come into being or to
appear; to give rise to; to originate, produce, cause,
effect, or the like. Hence, specifically:
(a) To form by the accumulation of materials or
constituent parts; to build up; to erect; as, to raise
a lofty structure, a wall, a heap of stones.
I will raise forts against thee. --Isa. xxix.
(b) To bring together; to collect; to levy; to get
together or obtain for use or service; as, to raise
money, troops, and the like. "To raise up a rent."
(c) To cause to grow; to procure to be produced, bred, or
propagated; to grow; as, to raise corn, barley, hops,
etc.; toraise cattle. "He raised sheep." "He raised
wheat where none grew before." --Johnson's Dict.
Note: In some parts of the United States, notably in the
Southern States, raise is also commonly applied to the
rearing or bringing up of children.
I was raised, as they say in Virginia, among the
mountains of the North. --Paulding.
(d) To bring into being; to produce; to cause to arise,
come forth, or appear; -- often with up.
I will raise them up a prophet from among their
brethren, like unto thee. --Deut. xviii.
God vouchsafes to raise another world
From him [Noah], and all his anger to forget.
(e) To give rise to; to set agoing; to occasion; to start;
to originate; as, to raise a smile or a blush.
Thou shalt not raise a false report. --Ex.
(f) To give vent or utterance to; to utter; to strike up.
Soon as the prince appears, they raise a cry.
(g) To bring to notice; to submit for consideration; as,
to raise a point of order; to raise an objection.
4. To cause to rise, as by the effect of leaven; to make
light and spongy, as bread.
Miss Liddy can dance a jig, and raise paste.
(a) To cause (the land or any other object) to seem higher
by drawing nearer to it; as, to raise Sandy Hook
(b) To let go; as in the command, Raise tacks and sheets,
i. e., Let go tacks and sheets.
6. (Law) To create or constitute; as, to raise a use, that
is, to create it. --Burrill.
To raise a blockade (Mil.), to remove or break up a
blockade, either by withdrawing the ships or forces
employed in enforcing it, or by driving them away or
To raise a check, note, bill of exchange, etc., to
increase fraudulently its nominal value by changing the
writing, figures, or printing in which the sum payable is
To raise a siege, to relinquish an attempt to take a place
by besieging it, or to cause the attempt to be
To raise steam, to produce steam of a required pressure.
To raise the wind, to procure ready money by some temporary
To raise Cain, or To raise the devil, to cause a great
disturbance; to make great trouble. [Slang]
Syn: To lift; exalt; elevate; erect; originate; cause;
produce; grow; heighten; aggravate; excite.
From The Collaborative International Dictionary of English v.0.48 :
Bill \Bill\, n. [OE. bill, bille, fr. LL. billa (or OF. bille),
for L. bulla anything rounded, LL., seal, stamp, letter,
edict, roll; cf. F. bille a ball, prob. fr. Ger.; cf. MHG.
bickel, D. bikkel, dice. Cf. Bull papal edict, Billet a
1. (Law) A declaration made in writing, stating some wrong
the complainant has suffered from the defendant, or a
fault committed by some person against a law.
2. A writing binding the signer or signers to pay a certain
sum at a future day or on demand, with or without
interest, as may be stated in the document. [Eng.]
Note: In the United States, it is usually called a note, a
note of hand, or a promissory note.
3. A form or draft of a law, presented to a legislature for
enactment; a proposed or projected law.
4. A paper, written or printed, and posted up or given away,
to advertise something, as a lecture, a play, or the sale
of goods; a placard; a poster; a handbill.
She put up the bill in her parlor window. --Dickens.
5. An account of goods sold, services rendered, or work done,
with the price or charge; a statement of a creditor's
claim, in gross or by items; as, a grocer's bill.
6. Any paper, containing a statement of particulars; as, a
bill of charges or expenditures; a weekly bill of
mortality; a bill of fare, etc.
Bill of adventure. See under Adventure.
Bill of costs, a statement of the items which form the
total amount of the costs of a party to a suit or action.
Bill of credit.
(a) Within the constitution of the United States, a paper
issued by a State, on the mere faith and credit of the
State, and designed to circulate as money. No State
shall "emit bills of credit." --U. S. Const. --Peters.
(b) Among merchants, a letter sent by an agent or other
person to a merchant, desiring him to give credit to
the bearer for goods or money.
Bill of divorce, in the Jewish law, a writing given by the
husband to the wife, by which the marriage relation was
dissolved. --Jer. iii. 8.
Bill of entry, a written account of goods entered at the
customhouse, whether imported or intended for exportation.
Bill of exceptions. See under Exception.
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. --Chitty.
Bill of fare, a written or printed enumeration of the
dishes served at a public table, or of the dishes (with
prices annexed) which may be ordered at a restaurant, etc.
Bill of health, a certificate from the proper authorities
as to the state of health of a ship's company at the time
of her leaving port.
Bill of indictment, a written accusation lawfully presented
to a grand jury. If the jury consider the evidence
sufficient to support the accusation, they indorse it "A
true bill," otherwise they write upon it "Not a true
bill," or "Not found," or "Ignoramus", or "Ignored."
Bill of lading, a written account of goods shipped by any
person, signed by the agent of the owner of the vessel, or
by its master, acknowledging the receipt of the goods, and
promising to deliver them safe at the place directed,
dangers of the sea excepted. It is usual for the master to
sign two, three, or four copies of the bill; one of which
he keeps in possession, one is kept by the shipper, and
one is sent to the consignee of the goods.
Bill of mortality, an official statement of the number of
deaths in a place or district within a given time; also, a
district required to be covered by such statement; as, a
place within the bills of mortality of London.
Bill of pains and penalties, a special act of a legislature
which inflicts a punishment less than death upon persons
supposed to be guilty of treason or felony, without any
conviction in the ordinary course of judicial proceedings.
Bill of parcels, an account given by the seller to the
buyer of the several articles purchased, with the price of
Bill of particulars (Law), a detailed statement of the
items of a plaintiff's demand in an action, or of the
Bill of rights, a summary of rights and privileges claimed
by a people. Such was the declaration presented by the
Lords and Commons of England to the Prince and Princess of
Orange in 1688, and enacted in Parliament after they
became king and queen. In America, a bill or declaration
of rights is prefixed to most of the constitutions of the
Bill of sale, a formal instrument for the conveyance or
transfer of goods and chattels.
Bill of sight, a form of entry at the customhouse, by which
goods, respecting which the importer is not possessed of
full information, may be provisionally landed for
Bill of store, a license granted at the customhouse to
merchants, to carry such stores and provisions as are
necessary for a voyage, custom free. --Wharton.
Bills payable (pl.), the outstanding unpaid notes or
acceptances made and issued by an individual or firm.
Bills receivable (pl.), the unpaid promissory notes or
acceptances held by an individual or firm. --McElrath.
A true bill, a bill of indictment sanctioned by a grand
From The Collaborative International Dictionary of English v.0.48 :
exchange \ex*change"\ ([e^]ks*ch[=a]nj"), n. [OE. eschange,
eschaunge, OF. eschange, fr. eschangier, F. ['e]changer, to
exchange; pref. ex- out + F. changer. See Change, and cf.
1. The act of giving or taking one thing in return for
another which is regarded as an equivalent; as, an
exchange of cattle for grain.
2. The act of substituting one thing in the place of another;
as, an exchange of grief for joy, or of a scepter for a
sword, and the like; also, the act of giving and receiving
reciprocally; as, an exchange of civilities or views.
3. The thing given or received in return; esp., a publication
exchanged for another. --Shak.
4. (Com.) The process of setting accounts or debts between
parties residing at a distance from each other, without
the intervention of money, by exchanging orders or drafts,
called bills of exchange. These may be drawn in one
country and payable in another, in which case they are
called foreign bills; or they may be drawn and made
payable in the same country, in which case they are called
inland bills. The term bill of exchange is often
abbreviated into exchange; as, to buy or sell exchange.
Note: A in London is creditor to B in New York, and C in
London owes D in New York a like sum. A in London draws
a bill of exchange on B in New York; C in London
purchases the bill, by which A receives his debt due
from B in New York. C transmits the bill to D in New
York, who receives the amount from B.
5. (Law) A mutual grant of equal interests, the one in
consideration of the other. Estates exchanged must be
equal in quantity, as fee simple for fee simple.
6. The place where the merchants, brokers, and bankers of a
city meet at certain hours, to transact business; also,
the institution which sets regulations and maintains the
physical facilities of such a place; as, the New York
Stock Exchange; a commodity exchange. In this sense the
word was at one time often contracted to 'change
[1913 Webster +PJC]
Arbitration of exchange. See under Arbitration.
Bill of exchange. See under Bill.
Exchange broker. See under Broker.
Par of exchange, the established value of the coin or
standard of value of one country when expressed in the
coin or standard of another, as the value of the pound
sterling in the currency of France or the United States.
The par of exchange rarely varies, and serves as a measure
for the rise and fall of exchange that is affected by the
demand and supply. Exchange is at par when, for example, a
bill in New York, for the payment of one hundred pounds
sterling in London, can be purchased for the sum. Exchange
is in favor of a place when it can be purchased there at
or above par.
Telephone exchange, a central office in which the wires of
any two telephones or telephone stations may be connected
to permit conversation.
Syn: Barter; dealing; trade; traffic; interchange.
From WordNet (r) 3.0 (2006) :
bill of exchange
n 1: a document ordering the payment of money; drawn by one
person or bank on another [syn: draft, bill of
exchange, order of payment]
From Bouvier's Law Dictionary, Revised 6th Ed (1856) :
BILL OF EXCHANGE, contracts. A bill of exchange is defined to be an open
letter of request from, and order by, one person on another, to pay a sum of
money therein mentioned to a third person, on demand, or at a future time
therein specified. 2 Bl. Com. 466; Bayl. on Bills, 1; Chit. Bills, 1; 1 H.
Bl. 586; 1 B. & P. 291, 654; Selw. N. P. 285. Leigh's N. P. 335; Byles on
Bills, 1; 1 Bouv. Inst. n. 895.
2. The subject will be considered with reference, 1 . to the parties to
a bill; 2. the form; 3. their different kinds 4. the indorsement and
transfer; 5. the acceptance 6. the protest.
3. - 1. The parties to a bill of exchange are the drawer, (q. v.) or he
who makes the order; the drawee, (q. v.) or the person to whom it is
addressed; the acceptor, (q. v.) or he who accepts -the bill; the payee, (q.
v.) or the party to whom, or in whose favor the bill is made. The indorser,
(q. v.) is he who writes his name on the back of a bill; the indorsee, (q.
v.) is one to whom a bill is transferred by indorsement; and the holder, (q.
v.) is in general any one of the parties who is in possession of the bill,
and entitled to receive the money therein mentioned.
4. Some of the parties are sometimes fictitious persons. When a bill is
made payable to a fictitious person, and indorsed in the name of the
fictitious payee, it is in effect a bill to bearer, and a bona fide holder,
ignorant of that fact, may recover on it, against all prior parties, who
were privy to the transaction. 2 H. Bl. 178, 288; 3 T. R. 174, 182, 481; 1
Camp. 130; 19 Ves. 311. In a case where the drawer and payee were fictitious
persons, the acceptor was held liable to a bona fide holder. 10 B. & C. 468;
S. C. 11 E. C. L. R. 116. Vide, as to parties to a bill, Chit. Bills, 15 to
76, (ed. of 1836.)
5. - 2. The form of the bill. 1. The general requisites of a bill of
exchange, are, 1st. that it be in writing. R. T. Hardw. 2; 2 Stra. 955; 1
6.- 2d. That it be for the payment of money, and not for the payment of
merchandise. 5 T. R. 485; 3 Wils. 213; 2 Bla. Rep. 782; 1 Burr. 325; 1 Dowl.
& Ry. N. P. C. 33; 1 Bibb's R. 502; 3 Marsh. (Kty.) R. 184; 6 Cowen, 108; 1
Caines, R. 381; 4 Mass. 245; 10 S. & R. 64; 14 Pet. R. 293; 1, M'Cord, 115;
2 Nott & M'Cord, 519; 9 Watts, R. 102. But see 9 John. R. 120; and 19 John.
R. 144, where it was held that a note payable in bank bills was a good
7. - 3d. That the money be payable at all events, not depending on any
contingency, either with regard to the fund out of which payment is to be
made, or the parties by or to whom payment is to be made. 8 Mod. 363; 4 Vin.
Ab. 240, pl. 16; 1 Burr. 323; 4 Dougl. 9; 4 Ves. 372; Russ. & Ry. C. C. 193;
4 Wend. R. 576; 2 Barn. & Ald. 417.
8. - 2. The particular requisites of a bill of exchange. It is proper
here to remark that no particular form or set of words is necessary to be
adopted. An order " to deliver money," or a promise that " A B shall receive
money," or a promise " to be accountable" or " responsible" for it, have
been severally held to be sufficient for a bill or note. 2 Ld. Raym. 1396; 8
9. The several parts of a bill of exchange are, 1st. that it be
properly dated as to place
10.- 2d. That it be properly dated as to the time of making. As the time
a bill, becomes due is generally regulated by the time when it was made, the
date of the instrument ought to be clearly expressed. Beawes, pl. 3 1 B . &
C. 398; 2 Pardess. n. 333.
11. - 3d. The superscription of the sum for which the bill is payable is
not indispensable, but if it be not mentioned in the bill, the
superscription will aid. the omission. 2 East, P. C. 951.
12. - 4th. The time of payment ought to be expressed in the bill; if no
time be mentioned, it is considered as payable on demand. 7 T. R. 427; 2
Barn. & C. 157.
13. - 5th. Although it is proper for the drawer to name the place of
payment, either in the body or subscription of the bill, it is not
essential; and it is the common practice for the drawer merely to write the
address of the drawee, without pointing out any, place of payment; in such
case the bill is considered payable, and to be presented at the residence of
the drawee, where the bill was made, or to him personally any where. 2
Pardess. n. 337 10 B. & C. 4; Moody & M. 381; 4 Car. & Paine, 35. It is at
the option of the drawer whether or not to prescribe a particular place of
payment, and make the payment there part of the contract. Beawes, pl. 8. The
drawee, unless restricted by the drawer, may also fix a place of payment by
his acceptance. Chit. Bills, 172.
14. - 6th. There must be an order or request to pay and that must be a
matter of right, and not of favor. Mood. & M. 171. But it seems that
civility in the terms of request cannot alter the legal effect of the
instrument. "il vous plair a de payer," is, in France, the proper language
of a bill. Pailliet, Manuel de Droit Francais, 841. The word pay is not
indispensable, for the word deliver is equally operative. Ld. Raym. 1397.
15. - 7th. Foreign bills of exchange consist, generally, of several
parts; a party who has engaged to deliver a foreign bill, is bound to
deliver as many parts as may be requested. 2 Pardess. n. 342. The several
parts of a bill of exchange are called a set; each part should contain a
condition that it shall be paid, provided the others remain unpaid. Id. The
whole set make but one bill.
16. - 8th. The bill ought to specify to whom it is to be paid. 2
Pardess. n. 338; 1 H. Bl. 608; Russ. & Ry. C. C. 195. When the name of the
payee is in blank, and the bill has been negotiated by indorsement, the
holder may fill the blank with his own name. 2 M. & S. 90; 4 Camp. 97. It
may, however, be drawn payable to bearer, and then it is assignable by
delivery. 3 Burr. 1526.
17. - 9th. To make a bill negotiable, it must be made payable to order,
or bearer, or there must be other operative and equivalent words of transfer.
Beawes, pl. 3; Selw. N. P. 303, n. 16; Salk. 133. if, however, it is not
intended to make the bill negotiable, these words need not be inserted, and
the instrument will, nevertheless, be valid as a bill of exchange. 6 T. R.
123; 6 Taunt. 328; Russ. & Ry. C. C. 300; 3 Caines' R. 137; 9 John. It. 217.
In France, a bill must be made payable to order. Code de Com. art. 110; 2
Pardess. n. 339.
18. - 10th. The sum for which the bill is drawn, must be clearly
expressed in the body of it, in writing at length. The sum must be fixed and
certain, and not contingent. 2 Stark. R. 375. And it may be in the money of
any country. Payment of part of the bill, the residue being unpaid, cannot
be indorsed. The, contract is indivisible, and the acceptor would thereby be
compelled to make two payments instead of one. But when part of a bill has
been paid the residue may be assigned, since then it becomes a contract for
the residue only. 12 Mod. 213; 1 Salk. 65; Ld. Ray. 360.
19. - 11th. It is usual to insert the words, value received, but it is.
implied that every bill and indorsement has been made for value received, as
much as if it had been expressed in totidem verbis. 3 M. & S. 352; Bayl. 40,
20. - 12th. It is usual, when the drawer of the bill is debtor to the
drawee, to insert in the bill these words: " and put it to my account but
when the drawee, or the person to whom it is directed, is debtor to the
drawer, then he inserts these words : "and put it to your account;" and,
sometimes, where a third person is debtor to the drawee, it may be expressed
thus: "and put it to the account of A B;" Marius, 27;. C, om. Dig. Merchant,
F 5; R. T. Hardw. 1, 2, 3; but it is altogether unnecessary to insert any of
these words. 1 B. & C. 398; S. C. 8 E. C. L. R. 108.
21. - 13th. When the drawer is desirous to inform the drawee that he has
drawn a bill, he inserts in it the words, "as per advice;" but when he
wishes the bill paid without any advice from him, he writes, "without
further advice." In the former case the drawee is not authorized to pay the
bill till he has received the advice; in the latter he may pay before he has
22. - 14th. The drawee must either subscribe the bill, or, it seems, his
name may be simply inserted in the body of the instrument. Beawes, pl. 3;
Ld. Raym. 1376 1 Stra. 609.
23. - 15th. The bill being a letter of request from the maker to a third
person, should be addressed to that person by the Christian name and
surname, or by the full style of their firm. 2 Pardess. n. 335 Beawes, pl.
3; Chit. Bills, 186, 7.
24. - 16th. The place of payment should be stated in the bill.
25. - 17th. As a matter of precaution, the drawer of a foreign bin may,
in order to prevent expenses, require the holder to apply to a third person,
named in the bill for that purpose, when the drawee refuses to accept the
bill. This requisition is usually in these words, placed in a corner, under
the drawee's address: " Au besoin chez Messrs. - at -," in other words, ((In
case of need apply to Messrs. at -. "
26. - 18th. The drawer may also add a request or direction, that in case
the bill should not be honored by the drawee, it shall be returned without
protest or without expense, by subscribing the words, " retour sans protet,"
or " sans frais;" in. this case the omission of the holder to protest,
having been induced by the drawer, he, and perhaps the indorsers, cannot
resist the payment on that account, and thus the expense is avoided. Chit.
27. - 19th. The drawer may also limit the amount of damages, by making a
memorandum on the bill, that they shall be a definite sum; as, for example:
"In case of non-acceptance or non-payment, re-exchange and expenses not to,
exceed dollars." Id.
28. - 3. Bills of, exchange are either foreign or inland. Foreign, when
drawn by a person out of, on another in, the United States, or vice versa;
or by a person in a foreign country, on another person in another foreign
country; or by a person in one state, on another in another of the United
States. , 2 Pet. R. 589 .; 10 Pet. R. 572; 12 Pick. 483 15 Wend. 527; 3
Marsh. (Kty.) R. 488 1. Rep. Const.; Ct. 100 4 Leigh's R. 37 4 Wash. C. C.
Rep. 148; 1 Whart. Dig. tit. Bills of Exchange, pl. 78. But see 5 John. R.
384, where it is said by Van Ness, Justice, that a bill drawn in the United
States, upon any place within the United States, is an inland bill.
29. An inland bill is one drawn by a person in a state, on another in
the same state. The principal difference between foreign and inland bills
is, that the former must be protested, and the latter need not. 6 Mod. 29; 2
B. & A. 656; Chit Bills, (ed. of 1836,) p. 14. The English rule requiring
protest and notice of non-acceptance of foreign bills, has been adopted and
followed as the true rule of mercantile law, in the states of Massachusetts,
Connecticut) New York, Maryland, and South Carolina. 3 Mass. Rep. 557; 1
Day's R. 11; 3 John. Rep. 202; 4 John. R. 144; 1 Bay's Rep. 468; 1 Harr. &
John. 187. But the supreme court of the United States, in Brown v. Berry, 3
Dall. R. 365, and in Clark v. Russell, cited in 6 Serg. & Rawle, 358, held,
that in an action on a foreign bill of exchange, after a protest for non-
payment, protest for non-acceptance, or notice of non-acceptance need not be
shown, inasmuch as they were not required by the custom of merchants in this
country; and those decisions have been followed in Pennsylvania. 6 Serg. &
Rawle, 356. It becomes a little difficult, therefore, to know what is the
true rule of the law-merchant in the United States, on this point, after
such contrary decisions." 3 Kent's Com. 95. As to what will be considered a
foreign or an inland bill, when part of the bill is made in one place and
part in another, see 1 M. & S. 87; Gow. R. 56; S. c. 5 E. C. L. R. 460; 8
Taunt., 679; 4 E. C. L. R. 245; 5 Taunt. 529; 1 E. C. L. R. 179.
30. - 4. The indorsement. Vide articles Indorsement; Indorser; Indorsee.
31. - 5. The acceptance. Vide article, Acceptance.
32. - 6. The protest. Vide article, Protest. Vide, generally, Chitty on
Bills; Bayley on Bills; Byles on Bills; Marius on Bills; Kyd on Bills;
Cunningham on Bills; Pothier, h. t.; Pardess. Index, Lettre de Change; 4
Vin. Ab. 238; Bac. Ab. Merchant and Merchandise, M.; Com. Digest, Merchant;
Dane's Ab. Index, h. t.; 1 Sup: to Ves. Jr. 86, 514; Smith on Mer. Law, Book
3, c. 1; Bouv. Inst. Index,.h. t.
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