bills in a set

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One of two, or more usually three, copies of a foreign bill of exchange. Payment is made on any one of the three, the others becoming invalid on the payment of any one of them. All are made out in the same way, except that each refers to the others. The first copy is called the first of exchange, the next is the second of exchange, and so on. The duplication or triplication is to reduce the risk of loss in transit.

Subjects: Financial Institutions and Services.

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