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KembaraXtra - Legal Terms - Value Received
1. Introduction
Value received is an expression that may appear on a bill of exchange to indicate that consideration has been provided in connection with the instrument.
2. Bills of Exchange
A bill of exchange is a negotiable instrument containing an unconditional written order requiring payment of a specified sum of money.
3. Statutory Framework
The principal legislation governing bills of exchange in the United Kingdom is the Bills of Exchange Act 1882.
4. Drawer and Payee
The words value received may indicate that the drawer has received value from the payee.
5. Acceptor and Drawer
The expression may also indicate that the acceptor has received value from the drawer.
6. Consideration
Value may consist of consideration recognised under the law governing negotiable instruments.
7. Presumption of Value
The Bills of Exchange Act 1882 establishes a presumption that a party whose signature appears on a bill became a party for value.
8. Rebuttable Presumption
The presumption may be displaced by evidence establishing the contrary.
9. No Requirement for Express Words
The words value received are not essential to the validity of a bill of exchange.
10. Legal Importance
The expression reflects the role of consideration in negotiable instruments and the statutory presumptions supporting their commercial circulation.
