VALUE - the face, par, or market value,
whichever is the greatest, and the aggregate value of
all goods, wares, and merchandise, securities, and money
referred to in a single indictment shall constitute the
value thereof. 18 USC
common law. This term has two different meanings. It
sometimes expresses the utility of an object, and some
times the power of purchasing other good with it. The
first may be called value in use, the latter value in
exchange.
Value differs from price. The latter is applied to
live cattle and ani-mals; in a declaration, therefore,
for taking cattle, they ought to be said to be of such
a price; and in a declaration for taking dead chattels
or those which never had life, it ought to lay them
to be of such a value.
VALUE RECEIVED - This phrase is usually
employed in a bill of exchange or promissory note, to
denote that a consideration has been given for it.
The expression value received, when put in a bill of
exchange, will bear two interpretations: the drawer
of the bill may be presumed to acknowledge the fact
that he has received value of the payee or when the
bill has been made payable to the order of the drawer,
it implies that value has been received by the acceptor.
In a promissory note, the expression imports value received
from the payee.
