English Courses II
The concept of a bill of exchange was first developed more than 700 years ago by the lombard merchants. The basic idea is simple. Tam, a scottish merchants, having sold his googs in milan, would really like to convert his money into pounds scots. The easiest way of so doing is to seek out a money charger, who will be able to effect the conversion. But then Tam will have to travel back to scotland with great deal of money
a fairly risky parctice in medieval Europe. Thus instead the Milanese money charger we shall call him Adholpus gives Tam a document which to instruct Jim, a money charger in Glasgow, to pay Tam a given sum. This is a bill of exchange. Adholpus is the drawer, Jim the drawee, and Tam the payee. In most casses Tam would present the bill to Jim and optain payment. Jim would present signify acceptance of liability by signing the front of the bill, becomes the acceptore. However, Tam may wish to raise funds on his journey home. Accordingly, he might sell the bill to clement, a money charger in Paris, signing the back so that cleament becomes the payee.
As Tam has not signed the bill over to a named individual, the above bill has become payable to the bearer, whoever has bill in their possesison from now on. That means that henceforward the right to be paid under this bill can be transferred simply by tranferring possession. In order to enhance the negotiability of bill of exchange, the practice soon emerged on drawing up some bills so that they were expressed to be payable to te bearer to begin with. The law in most European countries including scotland quickly recognised the validity of the sort of transaction discribe above, and the lex mercatoria or the law merchant became common throughout the world.
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