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Dictionary of Terms and Phrases Used in American or English Jurisprudence · Benjamin Vaughan Abbott · 1879
Dictionary of Terms and Phrases Used in American or English Jurisprudence
In its application to bills of exchange, is an ambiguous word. In its ordinary sense, it is used of an indorser who takes up the bill by handing the amount to a transferee, and thereupon holds the instrument with all his remedies intact. But it is sometimes used of an acceptor who pays a bill at maturity, and thereby extinguishes all remedies upon it.
Syles.