Bill of debt legal definition of Bill of debt
Bill of debt
BILL OF DEBT, BILL OBLIGATORY, contracts. When a merchant by his writing
acknowledges himself in debt to another, in a certain sum to be paid on a
certain day and subscribes it at a day and place certain. It may be under
seal or not. Com. Dig. Merchant, F 2.
References in periodicals archive
"The bill of debt
and compensation Iraq is paying is causing heavy damage to our infrastructure and national economy," al-Maliki told the opening session.
For example, if Peter owes me 100 guilders payable in two years by virtue of a loan or a sale-purchase contract, and I want to sell my bill of debt to you, then it is allowed for you to buy my right for 97 or 98 guilders.
Question: Can the debtor himself buy the bill of debt so as to release himself of his obligation?
For example, if a bill of debt
is intrinsically worth 100, yet the attending difficulty or uncertainty is so severe that any merchant would be happy to purchase it at 50, then it can be bought for 50 and a little bit lower.