RE. As applied to bills of exchange,-this word is ambiguous.. It is commonly used of an indorser who takes up a bill by handing the amount to a transferee,’ after which the indorser holds the instrument with* all bis remedies intact. But it is sometimes used of an: acceptor, by whom, when a Mil is taken up'or retired at. maturity, it is iii» effect paid, and all the. remedies on fit extion guished. Byles, .Bills, 215, See Elsam w*. Denny, 15 C. B. 94. ,i: . ...... y:U
Source: Black's Law Dictionary 2nd Ed (1910)
