Draft (bill of exchange) payable to a third party on a specified or determinable future date, as opposed to a Sight Draft. a Banker's Acceptance is an example of a time draft.
| Banking Dictionary: Time Draft |
Draft (bill of exchange) payable to a third party on a specified or determinable future date, as opposed to a Sight Draft. a Banker's Acceptance is an example of a time draft.
| 5min Related Video: Time Draft |
| Law Encyclopedia: Time Draft |
A written order to pay a certain sum in money that is payable at a particular future date.
Time drafts, sometimes called time bills or time loans, are frequently used by merchants to finance the transportation of goods.
See: commercial paper.
| commercial paper | |
| Dollar Exchange Acceptance (in banking) | |
| Trade Acceptance (business term) |
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![]() | Banking Dictionary. Dictionary of Banking Terms. Copyright © 2006 by Barron's Educational Series, Inc. All rights reserved. Read more | |
![]() | Law Encyclopedia. West's Encyclopedia of American Law. Copyright © 1998 by The Gale Group, Inc. All rights reserved. Read more |
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