demand draft

  

Definition

Bill of exchange payable on demand that is on presentment ('on sight'). Person or party that wrote the draft is called a drawer; the person, party, or bank who is expected to pay it (on whom it is drawn) is called a 'drawee' or a 'payer,' and the person or party who receives the payment is called a 'payee.' A check is a demand draft drawn on a bank.

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