bills in a set


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 exchange, usually a foreign bill, drawn in a set of identical instruments, each one duly executed by the drawer, and numbered, and containing a direction to pay it, with the notation that number 2, number 3, or whatever other numbers are in the set, are unpaid. The purpose is to prevent delays and inconveniences resulting from the loss of a bill in transmission to the drawee, the separate but identical instruments being transmitted in different mails. 11 Am J2d B & N § 59. There is nothing in the purpose or effect of such practice which should render it inapplicable, under all circumstances, to checks. 11 Am J2d B & N § 59.

Ballentine's law dictionary. . 1998.

Look at other dictionaries:

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

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

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