nonexisting bill

nonexisting bill
A concept involved in the principle that where a promise to accept a nonexisting bill is communicated to a particular person who, upon the face of the promise, takes for value a bill to which it is applicable and which is fairly within the scope of the promise, he is entitled to the benefits of such promise and may maintain an action thereon in his own name. 11 Am J2d B & N § 511.

Ballentine's law dictionary. . 1998.

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