USANCE

In Commercial Law. A foreign bill is often drawn at one, two, or more " usances," meaning thereby certain periods of time which it is the usage of the countries between which the bills are drawn to allow for payment thereof. Thus, the " usance " between London and Paris is one calendar month; a bill drawn here " at one usance," on the 2d January, is payable there on the 5th February, allowing three days of grace. USE, in its original sense, signified the equitable right one had to take the rents and profits of land whereof the [s. 1291]