discharge of bill or note
- discharge of bill or note
-
An expression with a dual aspect, meaning the discharge of the instrument itself and the discharge of the persons primarily and secondarily liable thereon. The NIL provides for discharge of the instrument by specified methods and for discharge of persons secondarily liable by specified methods. The Commercial Code takes a new approach to the concept of discharge. The Code generally does not speak of discharge of the instrument but of discharge of all parties and the discharge of any single party. The methods of discharge are collected and referred to in a single section. 11 Am J2d B & N § 901.
Ballentine's law dictionary.
Anderson, W.S..
1998.
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