85 Sentences With "bill of exchange" | Random Sentence Generator

Smith comes bearing a bill of exchange, drawn upon the debt of a local merchant, for the staggering sum of one thousand pounds sterling.

I'm wondering what some beady-eyed bank officer at J.P. Morgan Chase might make of Frederick Warren, who strolls into the Bank of England in 1873 and passes off a forged bill of exchange — one of many, as it turns out.

THIS, IN REFERENCE TO CBO CIRCULARS THAT WERE ISSUED EARLIER * TO CONSIDER REDUCING EXISTING FEES RELATED TO VARIOUS BANKING SERVICES AND TO ABSTAIN FROM INTRODUCING NEW ONES DURING YEAR 2020 * REDUCTION OF THE INTEREST RATE ON REPO OPERATIONS BY 75 BASIS POINTS TO 3.503%, AND INCREASE IN THE TENOR OF REPO OPERATIONS UP TO A MAXIMUM PERIOD OF 3 MONTHS * REDUCTION OF THE INTEREST RATE ON DISCOUNTING OF GOVERNMENT TREASURY BILLS BY 100 BASIS POINTS TO 1.00% * REDUCTION OF THE INTEREST RATE ON FOREIGN CURRENCY SWAP OPERATIONS BY 50 BASIS POINTS, AND INCREASE IN THE TENOR OF SWAP FACILITY UP TO A MAXIMUM PERIOD OF 6 MONTHS * REDUCTION OF THE INTEREST RATE ON REDISCOUNTING OF A BILL OF EXCHANGE AND PROMISSORY NOTE (WITH 2 SIGNATURES), BY 100 BASIS POINTS TO 3.00% * REDUCTION OF THE INTEREST RATE ON REDISCOUNTING OF A PROMISSORY NOTE WITH ACCEPTABLE GUARANTEE, BY 100 BASIS POINTS TO 3.25% * REDUCTION OF THE INTEREST RATE ON REDISCOUNTING OF A PROMISSORY NOTE ACCOMPANIED BY TRUST RECEIPT, BY 125 BASIS POINTS TO 3.50% Source: (bit.ly/3aesuPH)

Hundi (Indian bill of exchange), British Museum, 2013. Retrieved 26 November 2013. Archived here.

Consequently, remittal of a promissory note, a bill of exchange or a check does not constitute effective payment.

Accepting a bill of exchange results in no novation so that the current sale conditions remain integratedly of application.

Documentary Bill: seller (drawer) draws a bill of exchange on the buyer (drawee) and attaches it to the bill of lading. The idea is to secure acceptance of the bill of exchange by the buyer; and the buyer is bound to return the bill of lading if he does not honour the bill of exchange. Documentary Credits: the bank, on behalf of buyer, issues a letter of credit undertaking to pay the price of the sale contract on condition that the seller complies with credit terms. Upon presentation of necessary commercial documents verifying shipment of goods, the bank collects payment for goods on behalf of the seller.

As to the effect, in the United Kingdom, of a forged signature on a bill of exchange, see section 24 of the Bills of Exchange Act 1882.

The tax has been applied to contracts, tenancy agreements, wills etc. A pre-printed revenue stamp appeared on many hundis of India.Hundi (Indian bill of exchange), British Museum, 2013. Retrieved 26 November 2013.

Under a bill-of-exchange, a form of negotiable instrument, a protest can be lodged demanding payment of the sum specified in the bill of exchange under the Bills of Exchange Act 1882.Bills of Exchange Act 1882 s.51 This register records all protests of the bills of exchange where the obligations have not been fulfilled. However, with the disuse of bills of exchange in favour of other financial methods, no registration has taken place for over 10 years.

When Tripolitania was an Italian colony, Italian Bill of Exchange (Tassa di Bollo per Cambiali) and Weights and Measures (Pesi, Misure e Marchio) revenues were overprinted Tripolitania. When it was under British occupation in 1946, Stamp Duty (Marca da Bollo) stamps of the Italian Colonies and Bill of Exchange (Tassa di Bollo per Cambiali) stamps of Italian East Africa were overprinted B.M.A. (British Military Administration) for use in Tripolitania. In 1950 revenues of the Italian Colonies overprinted B.Adm.T. (British Administration Tripolitania) replaced these, reflecting the change from military to civil administration.

Though still embroiled in his struggle with Roger Taney, Story achieved his last great victory in Swift v. Tyson. This 1842 case concerned a bill of exchange, essentially a promise of payment, given from a businessman in New York, in exchange for land in Maine. However, the individuals who received the bill of exchange, Jarius Keith and Nathaniel Norton, did not own the land in question. The central issue of the case focused on Article 34 of the Judiciary Act of 1789 which established that the Court was to employ state statutes as authoritative rules when they were applicable for the Court's cases.

A bill of exchange, for instance a cheque, is a written order by one person to another (typically a bank) to pay a sum of money to a third person. In contract law, formality is typically required for large engagements. This includes the sale of land,Law of Property (Miscellaneous Provisions) Act 1989 s 2(1) a lease of property over three years,Law of Property Act 1925 ss 52 and 54(2) require that such leases are made by deed. a consumer credit agreement,Consumer Credit Act 1974 ss 60 and 61 and a bill of exchange.

A fictional but illustrative example: a merchant is traveling from Florence to London. He buys a bill of exchange for 10 florins, with the understanding that the London branch will cash that bill at half a pound to the florin, for a total of 5 pounds. If he reaches London and discovers that the florin has become stronger against the pound, to the point where a florin buys a whole pound, he takes a loss: instead of the 10 pounds he could have gotten had he not bought the bill of exchange, he will instead receive only 5. Similarly, if the florin weakens greatly, he could well reap a windfall at the expense of the London branch.

The first was commodity money, using the staple of a given region as a means of exchange. The second was specie, or gold or silver money. Lastly, paper money (or fiat money), issued in the form of a bill of exchange or a banknote, mortgaged on the value of the land that an individual owned.Finkelstein, 39.

A specimen demand draft. A demand draft is a negotiable instrument similar to a bill of exchange. A bank issues a demand draft to a client (drawer), directing another bank (drawee) or one of its own branches to pay a certain sum to the specified party (payee). A demand draft can also be compared to a cheque.

Spear transferred from Lilly in 1802. Commander W. Compton replaced Spear in December 1802. In August 1803 Lilly was under the command of Randall McDonnell. On 27 February 1804, Lilly, under Captain William Lyall, were at Halifax where Lyall had to draw a bill of exchange to pay the expenses of boats and crews serving the ship.

Cheques are a type of bill of exchange that were developed as a way to make payments without the need to carry large amounts of money. Paper money evolved from promissory notes, another form of negotiable instrument similar to cheques in that they were originally a written order to pay the given amount to whoever had it in their possession (the "bearer").

Hundi (Indian bill of exchange), British Museum, 2013. Retrieved 26 November 2013. During the colonial era, the British government regarded the hundi system as indigenous or traditional, but not informal. They were reluctant to interfere with it as it formed such an important part of the Indian economy and they also wished to tax the transactions taking place within the system.

The use of written documents was considered "not businesslike" by contemporaries as it required the constant "intervention of notaries". The instrumentum cambii (also known as an "Avisa") did not eliminate the possibility of fraud, but rather created different possibilities for misdealings, as seen with a 1359 exchange between Venice and Avignon.Usher, Abbot Payson. 1914. "The Origin of the Bill of Exchange".

There are a few English cases where trover was applied to trusts. These are rare. In Ex P PeaseEx P Pease a person who had received a bill of exchange for collection (an indorsee for collection) refused to return the bill to the person who had passed it to him (the indorser). The substitution of trover for equiatable remedy allowed in this case was anomalous.

The cheque had its origins in the ancient banking system, in which bankers would issue orders at the request of their customers, to pay money to identified payees. Such an order was referred to as a bill of exchange. The use of bills of exchange facilitated trade by eliminating the need for merchants to carry large quantities of currency (for example, gold) to purchase goods and services.

As he was illiterate, this was a mistake as to the document signed and the father was successful in claiming non est factum. Another notable case on non est factum is Foster v Mackinnon,Foster v Mackinnon (1869) LR 4 CP 704. where an elderly man signed a bill of exchange but was only shown the back of it. He was granted a new trial.

That no indorsement or memorandum of any payment written or made upon any promissory note, bill of exchange, or other writing, by the party to whom such payment shall be made, shall be deemed sufficient proof of such payment, so as to take the case out of the operation the above acts. This section was repealed by the Schedule to the Limitation Act 1939.

Section 39 - Forging any instrument, however designated, which is in law a will, bill of exchange, etc. This section was repealed as to England and Ireland by section 20 of, and Part I of the Schedule to, the Forgery Act 1913. Section 40 - Forging, etc., in England or Ireland documents purporting to be made, or actually made, out of England and Ireland; forging, etc.

"...and since the bill of exchange could be exploited as a major instrument for the extension of credit--being one of the subterfuges by which capitalists could evade usury charges--this activity led merchants into the business of lending money. Banks' profits, therefore, came primarily from exchange operations, legitimate or otherwise, real or fictitious." Goldthwaite (1987), p. 10. The Medici Bank was such a bank.

The acceptance of symbolic forms of money meant that a symbol could be used to represent something of value that was available in physical storage somewhere else in space, such as grain in the warehouse; or something of value that would be available later, such as a promissory note or bill of exchange, a document ordering someone to pay a certain sum of money to another on a specific date or when certain conditions have been fulfilled. In the 12th century, the English monarchy introduced an early version of the bill of exchange in the form of a notched piece of wood known as a tally stick. Tallies originally came into use at a time when paper was rare and costly, but their use persisted until the early 19th century, even after paper money had become prevalent. The notches denoted various amounts of taxes payable to the Crown.

Hawala is based on a short term, discountable, negotiable, promissory note (or bill of exchange) called "Hundi", transferred from one debtor to another. After the debt is transferred to the second debtor, the first debtor is free from his/her obligation. Recipient of the funds often identify themselves with passwords given to them by the sender. Hawaladars are often small traders who work at hawala as a sideline or moonlighting operation.

Transporting a paper sakk was more secure than transporting money. In the ninth century, a merchant in one country could cash a sakk drawn on his bank in another country. In the 13th century in Venice the bill of exchange was developed as a legal device to allow international trade without the need to carry large amounts of gold and silver. Their use subsequently spread to other European countries.

Five bill stamps of Mauritius (depicting Queen Victoria) were overprinted for use in Seychelles in the 1890s. The earliest recorded use is 1896, but they might have been issued in 1893 along with the first revenue stamps. In 1897–98, provisional surcharges were made in a number of different styles on bill stamps of both Seychelles and Mauritius. Essays for Bill of Exchange stamps depicting Edward VII were made in 1901 but were never issued.

After about an hour he freed himself and found his horse, but the Rotherham post bag was gone. Broughton and Oxley escaped towards Mansfield. On their way they went through the contents of the post bag and found that the only item of value was a French bill of exchange worth £123; they disposed of the rest of the contents in a brook and parted, with Oxley proceeding to London to cash the bill.

It was alleged that Aikles had promised to pay Samuel Edwards £100 and a small commission for a £100 bill of exchange, and when he took the bill, failed to hand over the money. Despite Aikles's counsel claiming, according to Edward Foss, that "this was no felony", and being represented by two of the most prestigious criminal barristers of the day, Garrow convinced both the judge and the jury that Aikles was guilty.

"Arbitrage" is a French word and denotes a decision by an arbitrator or arbitration tribunal (in modern French, "" usually means referee or umpire). In the sense used here, it was first defined in 1704 by Mathieu de la Porte in his treatise "" as a consideration of different exchange rates to recognise the most profitable places of issuance and settlement for a bill of exchange (" [, in modern spelling] ".)See "Arbitrage" in Trésor de la Langue Française.

On Saturday, January 4, 1902, he committed two crimes. He forged his brother's name on a Brooklyn check or bill of exchange, which bounced after being cashed at a local bank, and stole jewelry from a pawn shop, on a pretense of brokering a sale of the goods. That evening, he ran off for several days with his cashier and bookkeeper, Emma Kaufman, and sent word to Mrs. Levey that he was away unexpectedly on business.

Alerts figurehead and wheel exhibited at Musée de la civilisation, Quebec City CGS Alert was laid up in November 1894 and sold, the bill of exchange being forwarded to the Admiralty, since she was still officially on loan, the total sum being 814 pounds, 2 shillings and 7 pence. The ship was probably broken up at an undisclosed location. The figurehead, wheel and other remains are part of the Musée de la civilisation's collections in Quebec City..

Shortly before his death, Goodricke was the victim of a fraudulent transaction at his bank Hoare's Bank. A young man tendered a Bill of Exchange signed “J Goodricke”. The clerk was suspicious, but the drawer was familiar and it was thought possible that Goodricke's signature may have been affected by gout. The bill was subsequently proved to be a forgery and in the meantime a couple had opened an account using the money at another bank.

The Cheque was introduced in India by the Bank of Hindustan, the first joint stock bank established in 1770. In 1881, the Negotiable Instruments Act (NI Act) was enacted in India, formalising the usage and characteristics of instruments like the cheque, the bill of exchange, and promissory note. The NI Act provided a legal framework for non-cash paper payment instruments in India. In 1938, the Calcutta Clearing Banks' Association, which was the largest bankers' association at that time, adopted clearing house.

In Massachusetts it is simple larceny to obtain by false pretenses the money or personal chattel of another.Mass. Gen. Laws, ch. 266, § 59 (2009) Obtaining by false pretence the making, acceptance or endorsement of a bill of exchange or promissory note, the release or substitution of collateral or other security, an extension of time for payment of an obligation, or the release or alteration of the obligation of a written contract, is larceny and punishable by imprisonment.Mass. Gen. Laws, ch.

If constitutional interpretation adheres only to the framers' intent and remains rooted in the past, the Constitution would not be reflective of society and would eventually fall into disuse. However, "natural limits" cannot be granted too elastic a definition. In the Marcotte trilogy, it was held that payments by credit card could not be considered to fall within the federal bills of exchange power, as there had been no shift in how a bill of exchange is defined in Canada.

John Vernon Warren (1826-1898) was a convict transported to Western Australia. He was one of only 39 such convicts from the 9721 convicts transported to the colony to overcome the social stigma of convictism to become schoolteachers. Born in 1826, Warren worked as a clerk in his youth, but in 1850 he was convicted of forging a bill of exchange, and sentenced to a lifetime of penal servitude. He was transported to Western Australia on board the William Jardine, arriving in August 1852.

These firms were not deposited banks in the English conventional tradition, as deposit taking was viewed as incredibly risky. Since deposits were scarce, financial intermediation was accomplished through a securitization scheme known as the acceptance loan. The building block of the acceptance loan was an instrument known as the bill of exchange — ultimately a contract to pay a fixed sum of money at a future date. Bills of exchange were originally designed as short- term contracts but gradually became heavily used for long-term borrowing.

The United States government has successfully prosecuted and convicted a number of redemption scheme participants. The convictions include forgery, providing false information, passing fictitious financial instruments, defrauding the United States, counterfeiting, impeding administration, filing false tax returns, money laundering and wire fraud. Aside from the risk of criminal charges, redemption processes also fail to discharge debts. In a frequently-cited 2007 foreclosure case, a debtor attempted to pay her home mortgage with a redemption "bill of exchange" at the suggestion of promoter Barton Buhtz.

In medieval banking, "usance" denoted the period of time, set by custom, before a bill of exchange could be redeemed at its destination. In today's financial world, the term usance denotes the period of time between the date of the bill and the payment of the bill, which is allowed by law. Usance differs from country to country. Some countries may have a usance period of as little as 2 weeks, while some others may have a usance period of up to 2 months.

His god is > only an illusory bill of exchange…. The chimerical nationality of the Jew is > the nationality of the merchant, of the man of money in general.[...] The > Jew has emancipated himself in a Jewish manner, not only because he has > acquired financial power, but also because, through him and also apart from > him, money has become a world power and the practical Jewish spirit has > become the practical spirit of the Christian nations. The Jews have > emancipated themselves insofar as the Christians have become Jews.

Note that while IBM referred to the 3890 as a Document Processor, it is also referred to as both a cheque sorter or a check sorter. Outside the US, a bill of exchange drawn on a bank payable on demand is a "cheque", while in the US this is referred to as a "check". Because the 3890 could also sort documents using OCR (rather than a MICR line printed with E-13B or CMC-7), the official IBM term for the 3890 was a Document Processor.

A presentment can be defined as the act of presenting to an authority a formal statement of a matter to be dealt with. It can be a formal presentation of a matter such as a complaint, indictment or bill of exchange. In early-medieval England, juries of presentment would hear inquests in order to establish whether someone should be presented for a crime. In the Church of England Churchwardens' Presentments are reports to the Bishop relating to parishioners' misdemeanors and other things amiss in the parish.

The main purpose of these bills nevertheless was, that traveling with cash was particularly dangerous at the time. A deposit could be made with a banker in one town, in turn a bill of exchange was handed out, that could be redeemed in another town. These bills could also be used as a form of payment by the seller to make additional purchases from his own suppliers. Thus, the bills – an early form of credit – became both a medium of exchange and a medium for storage of value.

Story, ever the nationalist, had long despised using state statutes as authoritative when he deemed federal common law a much more preferable alternative. Simply put, Story longed to place more power in the hands of judges, in particular federal judges, instead of local legislatures. Though Story, writing for the unanimous majority, rejected the fraudulent Bill of Exchange, this remains less significant than his development of federal common law. As aforementioned, section 34 of the Federal Judiciary Act of 1789 held that courts were bound to local state statutes.

There General Márquez, presented himself as the de facto elected interim supreme leader of Mexico as per the Treaty of Córdoba. He also confirmed that he arrested Generals Zuloaga and Cobos and brought them to Orizaba as prisoners(prior to this meeting Cobos tried to clear his name and change sides. He showed up to Almonte and offered him the same bribe money he received - worth of 200,000 piasters and one million francs in the form of U.S. treasury bill of exchange. He was hoping to get a presidential pardon in return but was rejected).

In 1839 he was prosecuted at the Bail Court over offences relating to a bill of exchange. In 1841, at the insistence of his cousin the 3rd Baron Ventry, he assumed the surname De Moleyns in lieu of his patronymic. The same year he obtained a patent "for the production of electricity and its application for illumination and motion". In 1854, he was prosecuted at the City of London Police Court for forging a signature to a power of attorney with intent to defraud the Bank of England of £1,500.

In ancient India there are evidences of loans from the Vedic period (beginning 1750 BC). Later during the Maurya dynasty (321 to 185 BC), an instrument called adesha was in use, which was an order on a banker desiring him to pay the money of the note to a third person, which corresponds to the definition of a bill of exchange as we understand it today. During the Buddhist period, there was considerable use of these instruments. Merchants in large towns gave letters of credit to one another.

Alum was a vital commodity because of its many uses and relatively few sources. It was used in the wool preparing process to clean the wool of grease and other substances, as a mordant which fixed the dyes in the wool, in glassmaking, in tanning, and in a few other areas.de Roover (1966), p. 152. The Roman branch of the bank was not merely charged with the normal deposit and bill of exchange business of the bank, nor with just the mechanics of being "fiscal agents of the Holy See"de Roover (1948), p. 45.

As explained in the general article on the economic history of the Netherlands under the Republic, the Dutch entrepôt function was very important. One of the reasons Amsterdam was able to win this function after the Fall of Antwerp was the commercial credit offered to suppliers and buyers, usually as part of the discount on the bill of exchange. By prolonging and rolling-over such short- term credits, suppliers and customers could easily be tied to the entrepôt. The low interest rates usually prevailing in the Republic made the maintenance of large inventories feasible, thereby enhancing Amsterdam's reputation as the world's Emporium.

Selby and Higginbotham, p. 4 Henry was advised by Carter Braxton, Corbin's son-in-law and a Patriot member of the House of Burgesses, not to enter the city, while Braxton rode into the city and negotiated a payment. The next day, May 4, Henry received a bill of exchange for £330 signed by a wealthy plantation owner, as payment for the powder (he refused the offer of payment from Crown accounts). Henry then departed to take his place as a member of Virginia's delegation to the Second Continental Congress, promising to deliver the money to "the Virginia Delegates at the General congress".

During the following years the League assisted many European countries: Austria, Hungary, Greece, Bulgaria, etc. The Fiscal Committee discussed several general issues related to double taxation and tax evasion. The works of the Economic Committee comprised the treatment of foreign nationals and enterprises, abolition of the prohibition and restrictions on imports and exports, unification of customs nomenclature, bill of exchange, unification of statistical methods, trade policy, veterinary medicines, international industrial agreements, problems of coal, sugar problems, issue of smuggling in general and alcohol, in particular, and indirect protectionism. In October 1929 the Great Depression started in the US and soon contaminated Europe.

The Manusmriti considered usury an acceptable means of acquiring wealth or leading a livelihood. It also considered money lending above a certain rate and different ceiling rates for different castes a grave sin. The Jatakas, Dharmashastras and Kautilya also mention the existence of loan deeds, called rnapatra, rnapanna, or rnalekhaya. Later during the Mauryan period (321–185 BCE), an instrument called adesha was in use, which was an order on a banker directing him to pay the sum on the note to a third person, which corresponds to the definition of a modern bill of exchange.

He had a number of well argued points which he detailed in letters to the chairman of the relevant committee, Charles Wood. He believed that they were making a big mistake in not including in the considerations of the British economy the currency of Bill of Exchange. Leatham argued that these made up a substantial part of the economy which he estimated to be of the size of £100 million. He was concerned that this currency was backed up by only a relatively small quantity of gold, most of which had been borrowed from the French government.

Bills of exchange became prevalent with the expansion of European trade toward the end of the Middle Ages. A flourishing Italian wholesale trade in cloth, woolen clothing, wine, tin and other commodities was heavily dependent on credit for its rapid expansion. Goods were supplied to a buyer against a bill of exchange, which constituted the buyer's promise to make payment at some specified future date. Provided that the buyer was reputable or the bill was endorsed by a credible guarantor, the seller could then present the bill to a merchant banker and redeem it in money at a discounted value before it actually became due.

Up until the year Xianfeng 4 (1854) many endorsements were made on the reverse side of Hubu Guanpiao tael notes confirming the fact that they were still generally accepted by the Chinese public as a form of payment. However, by the year Xianfeng 5 (1855) it appeared as if the Chinese people had turned against them as a valid bill of exchange due to inflation as banknotes produced after this period had fewer and fewer endorsements, by the year Xianfeng 9 (1859) people would refuse to accept these tael notes altogether. By the spring of the year 1859 their value had fallen to only 5% of their face value.

However, the complexity of this system had underlying ramifications - the practice also resulted in binding market participants together through their balance sheets: one bank might have a receivable asset and a payable liability for the same bill of exchange, even when no goods were traded. By the end of the Seven Years' War in 1763, high leverage and balance sheet interconnectedness left merchant bankers highly vulnerable to any slowdown in credit availability. Merchant bankers believed that their balance sheet growth and leverage were hedged and insured through offsetting claims and liabilities. And while some of the more conservative Dutch bankers were wary in growing their wartime business, others expanded quickly.

He was the first governor appointed by the Company to Bengal since William Hedges (agent and governor) in 1681 and William Gyfford (president and governor) in December 1683 (after which the title of governor had been temporarily dropped in favour of agent and chief of the bay of Bengal, Bengal having again been subordinated to Madras)."The Governors Of Bengal", The Times, 9 October 1888, p.3, col.D. As a merchant, Eyre amassed a fortune of 23,000 Pagodas, which through the ingenuity of Thomas Pitt he converted into diamonds to take back with him to England in 1702, having first been ensured a sum of £13,800 through a bill of exchange.

By the 17th century, bills of exchange were being used for domestic payments in England. Cheques, a type of bill of exchange, then began to evolve. Initially they were called drawn notes, because they enabled a customer to draw on the funds that he or she had in the account with a bank and required immediate payment. These were handwritten, and one of the earliest known still to be in existence was drawn on Messrs Morris and Clayton, scriveners and bankers based in the City of London, and dated 16 February 1659. In 1717, the Bank of England pioneered the first use of a pre- printed form.

An allonge (from French allonger, "to draw out") is a slip of paper affixed to a negotiable instrument, as a bill of exchange, for the purpose of receiving additional endorsements for which there may not be sufficient space on the bill itself. An endorsement written on the allonge is deemed to be written on the bill itself. An allonge is more usually met with in countries using the Napoleonic Code, as the code requires every endorsement to express the consideration. Under English law, the simple signature of the endorser on the bill, without additional words, is sufficient to operate as a negotiation and so an allonge is seldom necessary.

She was used to survey the Strait of Magellan, as well as Canadian and Australian waters, and on 20 February 1884 was loaned to the US Navy to assist in the rescue of the expedition under Adolphus Greely. In 1885 she was transferred again to the Canadian Government for survey in the Hudson Bay area, on completion of which she was employed as a lighthouse supply vessel and buoy tender. She was laid up in November 1894 and sold, the bill of exchange being forwarded to the Admiralty, since she was still officially on loan. Alert, Nunavut, the northernmost permanently inhabited place on earth, is named after her.

In addition Italian traders were used to means of payment, which could help avoiding transportation of gold and silver which were expensive and dangerous. Crediting became a way to bridge the ubiquitous lack of noble metals, and at the same time, to accelerate goods turnover, were it with the help of a simple bank transfer, were it with the aid of a bill of exchange. Also available and helpful were to float loans, used as a kind of traders' money, circulating from hand to hand. Cambists played an important role just as well as the later state-controlled banks whose predecessors in Venice was the "wheat chamber" or Camera frumenti.

In one situation, statute presumes that collective agreements between a trade union and an employer are not intended to create legal relations, ostensibly to keep excessive litigation away from UK labour law.See Trade Union and Labour Relations (Consolidation) Act 1992 s 179. This follows an old theory popularised by Otto Kahn-Freund of the best kind of industrial relations being one of "collective laissez-faire". A bill of exchange, for instance a cheque, is an order by one person to another (typically a bank) to pay a sum of money to a third person. Under BEA 1882 s 3 it must be written and signed.

International payments have always posed a problem in international trade. Though exchange rate risks were less in the era in which the intrinsic value of money was usually equal to the face value (at least absent debasement of the coin, of course), there was the problem of the risk and inconvenience of transporting money or specie. An early innovation was therefore the bill of exchange (called wisselbrief in Dutch, or wissel for short), which obviated the need to transport coins in payment. After the development of this financial instrument by Italian and later Iberian merchants and bankers, Antwerp added a number of legal innovations in the mid-16th century that enhanced its value as such an instrument appreciably.

The Bills of Exchange Act 1882 is a United Kingdom Act of Parliament concerning bills of exchange. The Act was drafted by Sir Mackenzie Chalmers, who later drafted the Sale of Goods Act 1893 and the Marine Insurance Act 1906. Bills of exchange are widely used to finance trade and, when discounted with a financial institution, to obtain credit. The formal legal definition of a bill of exchange is as follows: > 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 determinable future time a certain sum in money > to order or to bearer.

Casualties of Credit: The English Financial Revolution, 1620-1720 by Carl Wennerlind (December 30, 2011) A central aspect of the financial revolution was the emergence of a stock market. The elements of the financial revolution rested basically on the financial techniques developed in the Netherlands: the bill of exchange, both foreign and inland, which as a negotiable instrument became part of the medium of exchange; transferable shares in the permanent capital stock of corporations that were traded in an active secondary market; and perpetual, government-issued annuities (known as Consols).Neal. The Economic History of Britain since 1700. Page 151 Another piece of Financial Revolution which fundamentally altered the relations between Crown and Parliament was the creation of the Civil List in 1698.

They were typically rolled over and became de facto short-term loans to finance longer-term projects, which resulted in the creation of a classic balance sheet maturity mismatch. At that time, bills of exchange could be re-sold, with each seller serving as a guarantor to the bill and, by implication, insuring the buyer of the bill against default. This practice prevented the circulation of low-credit-quality bills among market participants and created a kind of “credit wrapper”—a guarantee for the specific loan—by making all signatories jointly liable for a particular bill. In addition, low acceptance fees—the fees paid to market participants for taking on the obligation to pay the bill of exchange—implied a perceived negligible risk.

When it was an Italian colony, various Italian and the Italian Colonies revenue stamps were overprinted for use in Libya from 1913 onwards. There were two types of overprints, either including the year of issue such as LIBIA-1913 or just LIBIA. There were several types, including Stamp Duty (Marca da Bollo), Land Rights (Diritti Fondiari), Bill of Exchange (Tassa di Bollo per Cambiali), Weights and Measures (Pesi, Misure e Marchio), Passports (Atti Esteri Passaporti) and Authentications (Passaporto Vidimazione). The next Libyan revenues were issued after the Kingdom of Libya was formed in 1951. Cyrenaican revenue stamps were further overprinted ليبيا LIBYA, and these were replaced by King Idris postage stamps overprinted REVENUE or FEDERAL REVENUE in English and Arabic between 1954 and 1956.

In > an action on a bill of exchange, which had not been protested for non- > payment, it is not necessary to aver in the declaration that the bill had > been protested for non-acceptance. As to bills of exchange drawn in the > United States payable in Europe, the custom of merchants in this country > does not ordinarily require, to recover on a protest for non-payment, that a > protest for non-acceptance shall be produced, though the bills were not > accepted. Where the action is for foreign money, and its value is not > averred, a verdict cures the defect. The reason that debet for foreign money > is ill, is the uncertainty of its value; and this is cured by a > verdict.

For example, a copyright owner can control the reproduction of the work forming the copyright. However, the intangible property forms a set of rights separate from the tangible property that carries the rights. For example, the owner of a copyright can control the printing of books containing the content, but the book itself is personal property which can be bought and sold without concern over the rights of the copyright holder. In English law and other Commonwealth legal systems, intangible property is traditionally divided in pure intangibles (such as debts, intellectual property rights and goodwill) and documentary intangibles, which obtain their character through the medium of a document (such as a bill of lading, promissory note or bill of exchange).

Swift v. Tyson, 41 U.S. (16 Pet.) 1 (1842), was a case brought in diversity in the Circuit Court for the Southern District of New York on a bill of exchange accepted in New York in which the Supreme Court of the United States determined that United States federal courts that heard cases brought under their diversity jurisdiction under the Judiciary Act of 1789 must apply statutory state laws when the state legislatures in question had spoken on the issue but did not have to apply the state's common law if states legislatures had not spoken on the issue.. The ruling meant that the federal courts that decided matters not specifically addressed by the state legislature had the authority to develop a federal common law.

While there is evidence of the existence of receipts for goods loaded aboard merchant vessels stretching back as far as Roman times, and the practice of recording cargo aboard ship in the ship's log is almost as long-lived as shipping itself, the modern bill of lading only came into use with the growth of international trade in the medieval world. The growth of mercantilism (which produced other financial innovations such as the charterparty (once carta partita), the bill of exchange and the insurance policy) produced a requirement for a title document that could be traded in much the same way as the goods themselves. It was this new avenue of trade that produced the bill of lading in much the same form as we know today.

Incorporeal property, whether movable or immovable, may also be attached. Such property may take the form of a lease, a bill of exchange, a promissory note, a bond or other security for the payment of money. It may also take the form of an interest in a partnership, shares in a company, or a member's interest in a close corporation. Any debts which are owed or accruing from a third person to the judgment debtor may be attached and executed upon by way of a garnishee order. In terms of such an order, the third person, known as the “garnishee,” will be ordered to pay the debt, or part thereof, to the judgment creditor, rather than to the judgment debtor.

A documentary collection is a process in which a seller instructs their bank to forward documents related to the export of goods to a buyer's bank with a request to present these documents to the buyer for payment, indicating when and on what conditions these documents can be released to the buyer. The buyer may obtain possession of goods and clear them through customs, if the buyer has the shipping documents (original bill of lading, certificate of origin, etc.). The documents, however, are only released to the buyer after payment has been made ("Documents against Payment") or payment undertaking has been given - the buyer has accepted a bill of exchange issued by the seller and payable at a certain date in the future (maturity date) ("Documents against Acceptance"). Documentary Collections facilitate import/export operations.

The bill instructed the recipient Medici branch to pay back that sum in local currency, but not at whatever the local exchange rate for the two currencies concerned happened to be at the moment the bill was presented to be cashed in, but rather at the exchange rate set when the presenting (or current owner; bills of exchange could be sold and traded freely) person bought the bill of exchange. That there was a difference in time was guaranteed by the terms of the bill. A specific date could be set, but generally the time between a bill was issued in one city and could be cashed in at another was set by long-standing custom, or at usance. The usance between Florence and London was 3 months, for example.

These notes are seen as a predecessor to regular banknotes by some but are mainly thought of as proto bills of exchange and cheques.De Geschiedenis van het Geld (the History of Money), 1992, Teleac, page 96 The term "bank note" comes from the notes of the bank ("nota di banco") and dates from the 14th century; it originally recognized the right of the holder of the note to collect the precious metal (usually gold or silver) deposited with a banker (via a currency account). In the 14th century, it was used in every part of Europe and in Italian city-state merchants colonies outside of Europe. For international payments, the more efficient and sophisticated bill of exchange ("lettera di cambio"), that is, a promissory note based on a virtual currency account (usually a coin no longer physically existing), was used more often.

Seeking the restoration of the powder, or that the colonists be compensated for it, on May 2, Henry led his troops towards Williamsburg with, as Dunmore wrote, "all the Appearances of actual War". By this time, word of the Battles of Lexington and Concord had arrived, and many Virginians believed that war with Britain had begun. With his troops reinforced by eager volunteers from nearby counties, Henry likely had force enough to take Williamsburg and deal Dunmore a humiliating defeat, but increasingly prominent messengers urging caution slowed his advance, and in New Kent County, still some from Williamsburg, three of Henry's fellow delegates to Congress helped persuade him to leave off his march. As Henry insisted the colonists be compensated, a member of the Governor's Council agreed to pay the value of the powder by bill of exchange.

He could also keep the farmer (or other commodity producer) in business during a drought or other crop failure, through the issuance of a crop (or commodity) insurance against the hazard of failure of his crop. Merchant banking progressed from financing trade on one's own behalf to settling trades for others and then to holding deposits for settlement of "billette" or notes written by the people who were still brokering the actual grain. And so the merchant's "benches" (bank is derived from the Italian for bench, banca, as in a counter) in the great grain markets became centres for holding money against a bill (billette, a note, a letter of formal exchange, later a bill of exchange and later still a cheque). These deposited funds were intended to be held for the settlement of grain trades, but often were used for the bench's own trades in the meantime.

The Martinique settlers revolted against the Compagnie des îles d'Amérique in 1646. The directors liquidated the company, and in 1649 proposed that du Parquet should buy Martinique and the neighbouring islands. On 18 May 1650 a procuration was drawn up in Martinique before a Notary Royal to purchase Martinique, Grenada, Saint Lucia and the Grenadines from the company. Du Parquet appointed Charles de la Forge of Pleine-Sève, near Dieppe, to act as his agent. The purchase contract was drawn up before Notaries Royal at Paris on 27 September 1650. Du Parquet became sole owner of the islands to enjoy and dispose of them as he chose, subject only to the King's charges and conditions that the company had accepted in 1642. The price was 41,500 livres, made up of a bill of exchange for 4,000 livres followed by instalment payments to be completed by 30 November 1653. Du Parquet instituted a citizen's militia to guard against invasion by Indians or Spanish.

Make international trade operations more flexible, Use Documentary Collection in cases when the seller does not want to deliver goods to the buyer on "open account" basis, but due to a long-term stable business relationship between the parties there is no need for security provided by a Letter of Credit or payment guarantee, Documentary collection is suitable to the seller: if the seller has no doubts about the buyer's ability to meet its payment obligations, if the political and economic situation in the buyer's country is stable, if there are no foreign exchange restrictions in the seller's country; Documentary collection is convenient for the buyer because: there is no need for an advance payment; payment for goods can be made when shipping documents have been received, in cases of documents released against acceptance the buyer has the possibility to sell the goods first and afterwards make payment to the seller. Documentary Collection assures the seller that the shipping documents will be released to the buyer only upon payment or acceptance of a Bill of Exchange.

Popular methods of payment used in international trade include: Advance payment- the buyer arranges for their bank to pay the supplier around 30% of the order value upfront when ordering, and the other 70% when the goods are released or shipped. Letter of credit (L/C) - this document gives the seller two guarantees that the payment will be made by the buyer :one guarantee from the buyer's bank and another from the seller's bank. Bills for collection (B/E or D/C) - here a bill of exchange (B/E) is used; or documentary collection (D/C) which is a transaction whereby the exporter entrusts the collection of the payment for a sale to its bank (remitting bank), which sends the documents that its buyer needs to the importer’s bank (collecting bank), with instructions to release the documents to the buyer for payment. Open account - this method can be used by business partners who trust each other; the two partners need to have their accounts with the banks that are correspondent banks.

From 1342 to 1362, the Apostolic Camera was required to use the services of several smaller and weaker firms from Asti (especially Malabayla), Lucca, and Pistoia; the Camera was unsuccessful in trying to build up the capacity of each of these bankers. However, in 1362, the papacy was able to employ the services of the Alberti antichi banking house in Florence, which had recently risen to prominence. The papacy did not use the mechanism of the bill of exchange (which had been common since the 13th century), but rather employed a unique procedure, which required a receipt in notarial form for all transfers to Avignon, called the instrumentum cambii; this instrument—always made out in duplicate or triplicate—specified the amount received by the banker and proxy and recorded a promise to transmit to Avignon and pay to the pope or his agent a certain amount. One copy of the instrument was sent to Avignon by the papal carrier which enabled the Avignon administration to obtain payment from either the banker or their Avignon representative.