Banker S Draft - Law Dictionary Search Results
Home Dictionary Name: banker s draftBanker's Draft
Banker's Draft. A banker's draft is defined by s. 1 of the (English) Bills of Exchange Act (1882) Amendment Act, 1932 (22 & 23 Geo. 5, c. 44), as 'a draft payable on demand drawn by or on behalf of a bank upon itself whether payable at the head office or some other office of the bank.' This Act makes ss. 76 and 82 of the (English) Bills of Exchange Act, 1882 (45 & 46 Vict. c. 61), applicable to a banker's draft as if it were a cheque....
Bill of Exchange
Bill of Exchange. Defined in the (English) Bills of Exchange Act, 1882 (45 & 46 Vict. c. 61), s. 3, as an 'unconditional order in writing, addressed by one person to another, signed by the person giving it, requiring the person to whom it is addressed to pay on demand or at a fixed or determinable future time a sum certain in money to or to the order of a specified person, or to bearer.'It is a chose in action, but, for the encouragement of commerce, it is assignable, at Common Law, by mere endorsement, so that very many names are frequently attached to one bill as endorsers, and each of them is liable to be sued upon the bill, if it be not paid in due time. the person who makes or draws the bill is called the drawer, he to whom it is addressed is, before acceptance, the drawee, and after accepting it, the acceptor; the person in whose favour it is drawn is the payee; if he endorse the bill to another, he is called the endorser, and the person to whom it is thus assigned or negotiated ...
Clearing
Clearing, a among London bankers a method adopted by them for exchanging the drafts of each other's houses, and settling the difference. At fixed hours, each day, a clerk from each banker attends at the clearing-house, bringing all the drafts on the other bankers which have been paid into his house during the day, and delivers to each of the other clerks the obligations he has against his house, receiving from each the obligations due from his own. Balances are struck at the end of the day, the clerk to the Clearing House making up the accounts between each bank. The balances are not paid to or received from the other bankers as formerly, but are settled with the Clearing House, which keeps an account itself at the Bank of England. There is also a Country Clearing House. Consult McLeod on Banking; Grant's Law of Banking, 6th Edn. P. 66.Maritime law. The departure of a ship from port after complying with customs, health laws and other local regulations, Black's Law Dictionary,7th Edn., ...
Dishonour
Dishonour, to refuse or neglect to accept or pay when duly presented for payment a bill of exchange or promissory note or draft on a banker. See (English) Bills of Exchange Act, 1882 (45 & 46 Vict. c. 61), s. 47....
bill
bill 1 : a draft of a law presented to a legislature for enactment ;also : the law itself [the GI ] ap·pro·pri·a·tions bill [ə-prō-prē-ā-shənz-] : a bill providing money for government expenses and programs NOTE: Appropriations bills originate in the House of Representatives. bill of attainder 1 : a legislative act formerly permitted that attainted a person and imposed a sentence of death without benefit of a judicial trial see also attainder compare bill of pains and penalties in this entry 2 : a legislative act that imposes any punishment on a named or implied individual or group without a trial NOTE: Bills of attainder are prohibited by Article I of the U.S. Constitution. bill of pains and penalties : a legislative act formerly permitted that imposed a punishment less severe than death without benefit of a judicial trial compare bill of attainder in this entry NOTE: The term bill of attainder is often used to include bills of p...
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