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draft definition - legal

n

A written order for the payment of a specified sum of money to a certain individual or to the bearer (for example, a check). A draft may involve three parties: the drawer, who writes or creates it, the drawee, who has custody of the funds to be paid (for example, a bank), and the payee, who will receive the funds.
sight draft
A draft payable upon receipt.
time draft
A draft payable as of a certain date.

Webster's New World Law Dictionary Copyright © 2006 by Wiley Publishing, Inc., Hoboken, New Jersey.
Used by arrangement with John Wiley & Sons, Inc.

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