Bills In A Set

Summary of Bills In A Set

Negotiable instruments issued in duplicate or triplicate; for example, ocean bills of lading are usually issued in triplicate, while bills of exchange are often issued in duplicate. This practice arises from earlier days when documents were apt to be lost in transit, necessitating multiple mailings to ensure that at lease one would arrive. Any part of the set is sufficient to the accomplishment of its purpose, and after any part of the set (e.g., any third of the bill of lading) has been used, the remaining parts are rendered invalid.

(Main Author: William J. Miller)