draft

A written order by the first party, called the drawer, instructing a second party, called the drawee (such as a bank), to pay money to a third party, called the payee. An order to pay a sum certain in money, signed by a drawer, payable on demand or at a definite time, and to order or bearer. People v. Norwood, 26 Cal.App.3d 148, 103 Cal.Rptr. 7, 11.

An unconditional order to pay money drawn by drawer on drawee to the order of the payee; same as a bill of exchange. U.C.C. No. 3-104.

See also check

- documentary draft

- redraft

- sight draft

- trade acceptance.

A tentative, provisional, or preparatory writing out of any document (as a will, contract, lease, etc.) for purposes of discussion and correction, which is afterwards to be prepared in its final form. Compulsory conscription of persons into military service.

Also, a small arbitrary deduction or allowance made to a merchant or importer, in the case of goods sold by wright or taxable by weight, to cover possible loss of weight in handling or from differences in scales.

- documentary draft

- draft board

- draftsman

- bank draft

@ clean draft

One which has no shipping documents attached

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- overdraft

- sight draft

@ time draft

One payable a certain number of days after sight or after presentation for acceptance. The number of days must be specified. UCC No. 3-109

+ time draft

A draft payable at a definite time in the future.

See also time bill, above

@ draft board

Federal agency that registers, classifies and selects men for compulsory military service.

See also Selective Service System

@ draftsman

Any one who draws or frames a legal document, e.g., a will, conveyance, pleading, etc. One who draws plans and specifications for machinery, structures, etc

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