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A demand draft (DD) is a negotiable instrument similar to a bill of exchange. A bank issues a demand draft to a client (drawer), directing another bank (drawee) or one of its own branches to pay a certain sum to the specified party (payee). [1] [2] A demand draft can also be compared to a cheque. However, demand drafts are difficult to ...
A bill of exchange or "draft" is a written order by the drawer to the drawee to pay money to the payee. A common type of bill of exchange is the cheque ( check in American English ), defined as a bill of exchange drawn on a banker and payable on demand.
When a draft promises immediate payment to the holder of the draft, it is called a sight draft. Cheques written on demand deposits are examples of sight drafts. When a draft promises a deferred payment to the holder of the draft, it is called a time draft. The date on which the payment is due is called the maturity date.
Bills of Exchange Act 1697: An Act for the better payment of Inland Bills of Exchange. The whole act. 3 & 4 Anne. c. 8 Bills of Exchange Act 1704: An Act for giving like remedy upon Promissory Notes as is now used upon Bills of Exchange, and for the better payment of Inland Bills of Exchange. The whole act. 17 Geo. 3. c. 30 Bills of Exchange ...
Demand drafts entail a large potential for fraud.Banks report that demand draft fraud is becoming more common. [1] Under the current Federal Reserve Board guidelines the customer has a time frame of 90 days from the time the check was deposited to dispute the transactions.
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A draft in the US Uniform Commercial Code is any bill of exchange, whether payable on demand or at a later date. If payable on demand it is a " demand draft ", or if drawn on a financial institution, a cheque.
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