Bill of Exchange

Team,

If I am planning to use a bill of exchange against the bond that is held with Seteven / Other lady in PR, do I need to give notice of utilization of credit to Steven? It seems that its reasonable and gentleman gives notice.

Also, upon drafting a bill of exchange, I need to add it to the collateral via UCC3, so it cannot be stolen? That way, when I issue the Bill to a bank, they become the holder. The question that I have, is , now does the "seller" of the house gets the FRN or credits of FRN?

Thank you!!