TeachMeFinance.com - explain due bill
due bill -- a written acknowledgment of the existence of a debt owed to a particular party. A due bill is not payable on demand nor transferable to another party by endorsement.
Due bill -- A written acknowledgment of debt. Tn some cities checks are not certified by banks, but instead due bills, so-called, are employed. When guaranty of the payment of a check by a bank is desired the check is delivered to the bank which retains the check and issues in place of it a aue bill payable by the bank itself. This due bill may be deposited in another bank and collected through the clearing house the same as a check. A due bill given in a stock transaction for a dividend declared but not yet payable does not carry interest that is, interest on it cannot be collected by the holder of the due bill from the maker of it.
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