sight draft

sight draft
An instrument payable on proper presentment (i.e. payable on demand). U.C.C. No. 3-108. A bill of exchange for the immediate collection of money. United Ben. Fire Ins. Co. v. First Nat. Bank of Ariz., Phoenix, 1 Ariz.App. 550, 405 P.2d 488, 490.
Bills of exchange are frequently drawn payable at sight or certain number of days or months after sight. U.C.C. No. 3-109(l)(b).
A demand for payment drawn by a person to whom money is owed. The draft is presented to the borrower's (the debtor's) bank in expectation that the borrower will authorize its bank to disburse the funds.
See also demand (demand note)
+ sight draft
One which is payable on presentation or demand. UCC No. 3-108.

Black's law dictionary. . 1990.

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Look at other dictionaries:

  • sight draft — see draft Merriam Webster’s Dictionary of Law. Merriam Webster. 1996. sight draft …   Law dictionary

  • Sight draft — Sight Sight (s[imac]t), n. [OE. sight, si[thorn]t, siht, AS. siht, gesiht, gesih[eth], gesieh[eth], gesyh[eth]; akin to D. gezicht, G. sicht, gesicht, Dan. sigte, Sw. sigt, from the root of E. see. See {See}, v. t.] 1. The act of seeing;… …   The Collaborative International Dictionary of English

  • sight draft — noun a draft payable on presentation • Syn: ↑sight bill • Hypernyms: ↑draft, ↑bill of exchange, ↑order of payment * * * noun : a draft payable on presentation * * * a draft payable upon presentation. [1840 50, Amer …   Useful english dictionary

  • sight draft — A draft that is payable upon presentation to the drawee. American Banker Glossary Demand for immediate payment. Bloomberg Financial Dictionary * * *    ► See Bill of Exchange. * * * sight draft UK US noun [C] FINANCE ► DEMAND NOTE(Cf. ↑demand… …   Financial and business terms

  • Sight draft — Demand for immediate payment. The New York Times Financial Glossary * * *    ► See Bill of Exchange. * * * sight draft UK US noun [C] FINANCE ► DEMAND NOTE(Cf. ↑demand note) …   Financial and business terms

  • sight draft — A bill of exchange or draft payable upon presentation to the drawee. The equivalent of a check payable upon demand. Mt. Vernon Nat. Bank v Canby State Bank, 129 Or 36, 276 P2d 262, 63 ALR 1133. A draft payable at or after sight can never become… …   Ballentine's law dictionary

  • sight draft — Any bill of exchange that is payable on sight, i. e. on presentation, irrespective of when it was drawn …   Big dictionary of business and management

  • sight draft — a draft payable upon presentation. [1840 50, Amer.] * * * …   Universalium

  • sight draft — See: documentary draft …   Accounting dictionary

  • sight draft — / saɪt drɑ:ft/ noun a bill of exchange which is payable when it is presented …   Marketing dictionary in english

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