Русско-англо-русский юридический словарь

The English law, which in this respect, has been adopted by us, frequently requires things to be done within a reasonable time [...] A bill of exchange, for example, must be presented within a reasonable time Chitty, Bills, 197-202. An abandonment must be made within a reasonable time after advice received of the loss. (A Law Dictionary, Adapted to the Constitution and Laws of the United States. By John Bouvier.)

Bills of exchange are similar to checks and promissory notes. They can be drawn by individuals or banks and are generally transferable by endorsements. The difference between a promissory note and a bill of exchange is that this product is transferable and can bind one party to pay a third party that was not involved in its creation. (Investopedia)

bill of exchange A written, unconditional order by one party (the drawer) to another (the drawee) to pay a certain sum, either immediately (a sight bill) or on a fixed date (a term bill), for payment of goods and/or services received. (BusinessDictionary.com)

To be liable to the payee, however, the parties need to practice legal alchemy: the bank will avalize the bill of exchange, which will then be indorsed by the payee back to the bank, then indorsed by the bank back to the payee. (Principles of Banking Law by Ross Cranston, ‎Theodor Van Sante)