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Simple English definitions for legal terms
reexchange
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A quick definition of reexchange:
Term: REEXCHANGE
Definition: Reexchange refers to the process of recovering the costs incurred due to the non-payment of a bill of exchange in a foreign country. It can also refer to the expenses themselves or a new exchange that takes place to rectify the situation.
A more thorough explanation:
Definition: Reexchange refers to:
- A second or new exchange.
- The process of recovering the expenses that resulted from the dishonor of a bill of exchange in a foreign country.
- The expenses themselves.
Examples:
- John sent a bill of exchange to his business partner in Japan, but it was dishonored. He had to pay for the reexchange of the bill.
- After the dishonor of the bill of exchange, the bank charged a fee for the reexchange process.
The examples illustrate the second definition of reexchange, which refers to the process of recovering the expenses that resulted from the dishonor of a bill of exchange in a foreign country. In both examples, the bill of exchange was dishonored, and the person had to pay for the reexchange process to recover the expenses.