This phrase is usually employed in a bill of exchange or promissory note, to denote that a consideration has been given for it. 2. 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.