TeachMeFinance.com - explain Circular note
Circular note -- A note for a specified amount issued by a
dealer in exchange and payable by any correspondent of the
dealer. It is intended for the use of a traveler.
A traveler purchases a number of these notes, say, for 10
each. The traveler indorses each as he presents it for payment.
He is provided with a letter of indication which bears
his signature and the signature on the note must correspond
with the signature in the letter of indication.
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