Sale
Selling a bill is a two-step transfer: the holder offers, and the sale completes only when the buyer pays. The bill is blocked in between, so a bill cannot be offered to two buyers at once.
Offer to sell
Who may perform it
The holder, who becomes the seller for this sale.
Conditions
- The default rule: the bill can't be blocked, recoursed to the end, only recoursable, or paid.
Deadline
The seller names a buyer, a price, and a deadline. The floor here is lower than elsewhere: the UTC end of the same day. A sale is a live negotiation, not a 48-hour obligation imposed on a counterparty who never asked for it.
While the offer stands the bill is blocked, waiting for a sale, until payment, rejection or expiry.
Result
An OfferToSell block. The named buyer now has one action available to them, rejecting, and one payment action, paying for the bill.
Sell
Completing the sale.
Who may perform it
The holder, still the seller at this point.
Conditions
- The bill has to be waiting for sale: an unexpired, unrejected
OfferToSellmust be the last block. - The bill can't be waiting for payment or waiting for recourse.
- The bill can't be recoursed to the end, only recoursable, or paid.
What triggers it
The buyer paying, within the deadline. Payment is detected on-chain rather than asserted (see Pay), and once detected the Sell action becomes available to the seller.
Result
A Sell block. The bill is endorsed to the buyer, who becomes the holder and inherits every holder action. The seller becomes a contingent participant: no longer able to act, still liable if the bill is dishonoured, and retaining a Check Payment view of the settlement they received.
Rejecting a purchase
Who may perform it
The buyer: specifically, the one named in the last unexpired OfferToSell, if that is the last block.
Conditions
- The bill has to be waiting for sale.
- The bill can't be waiting for payment or waiting for recourse.
- The bill can't be recoursed to the end, only recoursable, or paid.
- The bill can't already be rejected to buy.
A buyer can reject once per offer, and only while that offer is live.
Result
A RejectToBuy block. The offer is invalidated and the bill is unblocked. The holder is unchanged and free to offer it to someone else.
If the deadline expires
The offer is invalidated and the bill is unblocked, the same outcome as a rejection, reached by silence rather than refusal.
This is the mild kind of expiry. Compare request to accept and request to pay, where a lapsed deadline makes the bill only recoursable. A failed sale costs the holder a sale; a failed acceptance or payment costs the bill its ordinary life.
Sale states are a list
A bill can be offered for sale many times over its life. Sale states are therefore kept as a list, latest first, and each is visible to the seller and buyer of that particular sale, not to participants who had no part in it. See Bill states.