Bill of exchange

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Bill discount facility - a credit granted on the basis of a future bill of exchange with a value equal to the nominal value of the bill. Credit is given to the issuer of the promissory note by the lender. The cost of a bill of exchange credit determines the discount rate of the bill. The promissory note under which the loan is made available may be repaid by the issuer (bill of exchange) or a third party (promissory note). It is possible to transfer the rights to a bill of exchange, during the life of a bill of exchange.

The bill is not a credit within the meaning of banking law. Bibliography

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