sight draft


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sight draft

n.
A draft that is payable on demand, especially one due for payment upon presentation.
ThesaurusAntonymsRelated WordsSynonymsLegend:
Noun1.sight draft - a draft payable on presentation
bill of exchange, draft, order of payment - a document ordering the payment of money; drawn by one person or bank on another
References in periodicals archive ?
On October 27, 2009, prior to the November 1, 2009 expiration date of the letter of credit, the Beneficiary had timely presented a sight draft in the amount of $207,885 and a statement that the Woods were in default of their obligations under their agreement with the Seller.
Standby L/Cs are similar to the other types of L/Cs discussed in that they represent the irrevocable obligation of the issuing bank to make payment to the beneficiary upon presentation of the required documents - usually a sight draft and a statement that the purchaser has failed to uphold its obligations to the beneficiary.
5) under Article 5 of the Uniform Commercial Code, a local government's sight draft must be honored by the issuing institution within three business days; and
When a letter of credit is posted in lieu of a cash security deposit, the letter of credit provides that the landlord will be entitled to be paid by the tenant's bank up to the face amount of the letter of credit upon presenting to that bank (1) the original letter of credit; (2) a sight draft, which merely directs the bank to pay the proceeds of the letter of credit to the landlord; and, in most cases, (3) a statement signed by the landlord specifying why the landlord is drawing on the letter of credit (i.
To accept an offer, the owner signs the deed before a notary, endorses the sight draft and mails both documents to the purchaser.
Time draft is a demand for payment on a specified future date--comprising banker's acceptance, bill and sight draft.