VALUE RECEIVED.
\vˈaljuː ɹɪsˈiːvd], \vˈaljuː ɹɪsˈiːvd], \v_ˈa_l_j_uː ɹ_ɪ_s_ˈiː_v_d]\
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This phrase is usually employed in a bill of exchange or promissory note, to denote that a consideration has been given for it.
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The expression value received, when put in a bill of exchange, will bear two interpretations: the drawer of the bill may be presumed to acknowledge the fact that he has received value of the payee; 3 M. & S. 351; or when the bill has been made payable to the order of the drawer, it implies that value has been received by the acceptor. 5 M. & S. 65. In a promissory note, the expression imports value received from the payee. 5 B. & C. 360.
By John Bouvier
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