re-exchange

re-exchange
A matter of indemnity to the holder of a bill for the loss he sustains by the failure of the drawee to pay the amount at the time and place, and in the money, called for in the bill. Furness, W. & Co. v Rothe (CA4 Va) 286 F 870, 27 ALR 1185. The amount which the holder of a dishonored bill of exchange would have to pay, in the currency of the country where the original bill was drawn, for a good bill payable where the original bill was payable and for the same amount of money plus the expense of protest. Pavenstedt v New York Life Ins. Co. 203 NY 91, 96 NE 104.

Ballentine's law dictionary. . 1998.

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