from
Bouvier's Law Dictionary, Revised 6th Ed (1856)
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.
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; 3 M. & S. 351;
or when the bill has been made payable to the order of the drawer, it
implies that value has been received by the acceptor. 5 M. & S. 65. In a
promissory note, the expression imports value received from the payee. 5 B.
& C. 360.