TeachMeFinance.com - explain Re-exchange
Re-exchange -- When a bill of exchange is dishonored by
the drawee (the one upon whom it is drawn) and is paid by
another party for the honor of (for the account of) the
drawer the party paying it draws for the amount of it, together
with the protest fee and other charges, upon the
drawer. This operation is called re-exchange.
About the author
Copyright © 2007 by Mark McCracken, All Rights Reserved. TeachMeFinance.com is an informational website, and should not be used as a substitute for professional financial or legal advice. TeachMeFinance.com and its owner recommend consultation with a professional financial advisor prior to any investment or financial decision. Please read our disclaimer.