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Finance Dictionary and Glossary of Investment Terms
A bill of exchange representing a draft on a bank from deposited funds that pays a certain sum of money to a certain person or party.
A written, dated, and signed instrument that contains an unconditional order from the drawer that directs a bank to pay a definite sum of money to a payee.
A negotiable instrument drawn against deposited funds, to pay a specified amount of money to a specific person upon demand. Examples include bills of exchange and drafts.