A written order to a person requiring them to make a specified payment to the signatory or to a named payee; a promissory note.
- Included are the traditional bills of exchange, cheques, promissory notes, bonds, and share warrants, as well as share certificates, money transfer orders, and deposit receipts.
- Thus bills of exchange, promissory notes, and certificates of deposit can be, and frequently are, pledged to banks.
- The manufacturer offered the merchant a bill of exchange, promising payment of, say, £100 in six months, so escaping the constraints of the usury laws with their upper limits on interest rates.
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