Bill Of Exchange (Noun)
Meaning
A document ordering the payment of money; drawn by one person or bank on another.
Classification
Nouns denoting possession and transfer of possession.
Examples
- The merchant presented a bill of exchange to the bank, requesting payment for the goods he had shipped overseas.
- The company's accountant carefully reviewed the bill of exchange before authorizing the transfer of funds.
- A bill of exchange was used to settle the debt between the two businesses, with the creditor drawing on the debtor's bank.
- The bank honored the bill of exchange, paying the specified amount to the holder on the due date.
- The exporter drew a bill of exchange on the importer's bank, which was then presented for payment upon arrival of the shipment.