bills in a set

bills in a set
One of two, or more usually three, copies of a foreign bill of exchange. Payment is made on any one of the three, the others becoming invalid on the payment of any one of them. All are made out in the same way, except that each refers to the others. The first copy is called the first of exchange, the next is the second of exchange, and so on. The duplication or triplication is to reduce the risk of loss in transit.

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  • bills in a set — ➔ bill of exchange …   Financial and business terms

  • bills in a set — A bill of lading drawn in a set of parts, each of which is numbered and expressed to be valid only if the goods have not been delivered against any other part, the whole of the parts constituting one bill. 13 Am J2d Car § 268. One bill of… …   Ballentine's law dictionary

  • set of bills — See bills in a set …   Ballentine's law dictionary

  • bills in parts — See bills in a set …   Ballentine's law dictionary

  • set of exchange — See bills in a set …   Ballentine's law dictionary

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  • Bills payable — 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 paper.]… …   The Collaborative International Dictionary of English

  • Bills receivable — 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 paper.]… …   The Collaborative International Dictionary of English

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  • set of exchange — In commercial law, foreign bills are usually drawn in duplicate or triplicate, the several parts being called respectively first of exchange, second of exchange, etc., and these parts together constitute a set of exchange. Any one of them being… …   Black's law dictionary

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