drafts (negotiable instruments)

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  7. negotiable instruments
  8. orders to pay
  9. drafts
Scope note
Written orders drawn by one party ordering a second party to pay a specified sum of money to a third party (who may be the first party); usually restricted to domestic transactions. For similar orders to pay used for foreign transactions, prefer "bills of exchange."
drafts
Accepted term: 29-Apr-2024