discharge of an instrument

discharge of an instrument
in the law of negotiable instruments a bill of exchange is discharged when all rights of action thereon are extinguished. It then ceases to be negotiable, and if it subsequently comes into the hands of a holder in due course he acquires no right of action on the instrument. A bill is discharged by payment in due course.

Collins dictionary of law. . 2001.

Look at other dictionaries:

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