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Question
What is 'retirement of a bill of exchange'?
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Solution
A bill of exchange is usually honored only on the maturity date. But, in some cases, it can be honored before time. This is known as Retirement of Bills of Exchange. Also, a bill may be canceled before time and a new bill may be written in its place. This is known as Renewal of Bills of exchange.
A bill of exchange is usually honored only on the maturity date. But, in some cases, it can be honored before time. This is known as Retirement of Bills of Exchange. Also, a bill may be canceled before time and a new bill may be written in its place. This is known as Renewal of Bills of exchange.
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