AskDefine | Define usance

Dictionary Definition

usance

Noun

1 the period of time permitted by commercial usage for the payment of a bill of exchange (especially a foreign bill of exchange)
2 (economics) the utilization of economic goods to satisfy needs or in manufacturing; "the consumption of energy has increased steadily" [syn: consumption, economic consumption, use, use of goods and services]
3 accepted or habitual practice [syn: custom, usage]

User Contributed Dictionary

English

Noun

  1. The length of time permitted for the payment of a bill of exchange.
  2. Use.
  3. Customary or habitual usage.
  4. The interest payed on a borrowed sum.

Extensive Definition

Usance refers to the utilization of economic goods to satisfy needs. In manufacturing, Usance means "inputs." It is used in "usance bills." This terminology is used in banks in India, when dealing with forex.
In medieval banking, "usance" denoted the period of time, set by custom, before a bill of exchange could be redeemed at its destination.
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