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TeachMeFinance.com - explain Value bill historic definition...
Value bill -- (of exchange). A draft (bill of exchange) drawn
against a consignment of property. For instance, if A in New
York ships goods to B in London and draws on B for the value
of the goods, attaching the bill of lading, insurance policy,
etc., to the draft (bill of exchange), the bill is a value bill.
Again, if a banker in New York sells securities to a banker
in London and draws on the banker in London for the value of
the securities, attaching .the securities to the draft (bill of exchange),
the bill is a value bill.
See Non-value bill (of exchange).
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