Usance - Definition - Law Dictionary Home Dictionary Definition usance

Definition :

Usance [Fr.], the time which it is the usage of the countries, between which bills are drawn, to appoint for payment of them. If a foreign bill be drawn payable at sight, or at a certain period after sight, the acceptor will be liable to pay according to the course of exchange at the time of acceptance, unless the rawr express that it is payable according to the course of exchange at the time it was drawn, en especes de ce jour. See Byles on Bills. As to the usance between London and the various foreign countries, see ibid.

The time allowed for payment of foreign bill of exchange, sometimes set by custom but now usu. by law, Black's Law Dictionary, 7th Edn., p. 1540.