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draft legal definition
noun
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.
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