Draft

7 1, n. (1) A drawing, delineation, sketch. See CoPYRia Hf. (2) In common speech, a bill of exchange.* See Exchange, 2. Any order for the payment of money drawn by one person upon another." Also, money checked out of a bank by this means. The drawer is he who prepares the order; the drawee, he to whom it is addressed. Drafts, as used in the collection of debts, are not usually negotiable. The oflce of a draft is to collect for the drawer, from the drawee, residing in another 1 Porter v. Lazeffr, 109 U. S. 86 (1883); Lazear v. Porter, 87 Pa. 313 (1878). ' Earth v. Lines, 118 111. 382 (1886), cases; Forwood v. Forwood, Sup. Ct. Ky. (1887), cases. 3 See generally 2 Bl. Com. 130-37; 3 id. 183, 194; 4 Kent, 35-72; Williams, R. P. 223-28; 1 Washb. R. P. •146-262; 1 Story, Eq. §§ 024-32; 3 Pomeroy, Eq., Index; 1 Bouv. 504-67, cases; Mayburry v. Brien, 15 Pet. 21 (1841), cases. 4 [Cutter V. Waddingham, 22 Mo. 254 (1855): 1 Partidas, 607. 6 De Young v. Tie Young, 6 La. An. 787 (1851); Buard V. De Eussy, 6 Rob. 113 (1843); Gates v. Legendre, 10 id. 78 (1846). • Johnson v. Goss, 132 Mass. 275-76 (1882). ' Originally draught,

— Webster. place, money to which the former may be entitled, either on account of balances due or advances upon consignments; and although they may sometimes be used for raising money that is not the necessary -or ordinary purpose for which they are employed.* See Assignment, Equitable; Duplicate. Overdraft. The demand against a depositor in a bank after he has drawn out more money than his balance; also, the act of drawing too much, and the state of the account thereafter. 2 As between a banking firm and a depositor not a member of the firm, an overdraft is a loan. The payment of the latter's check when no funds stand to his credit is an advance by the firm of its own money, for the repayment of which, with la^vf ul interest, the customer is liable. It is payable absolutely and in full, without abatement or contingency, and so constitutes a loan in ^1 its characteristics. If more than legal interest is paid, the borrower loses the excess above the legal rate, and if the contract stands and is carried out, the loss is absolute and certain. But the situation changes when the person making the overdraft is a member of the firm which advances it.' (3) An allowance to an importer, when a duty is ascertained by weight, to insure good weight. " Tare "lis allowed for the covering on the article.* 2, V. To prepare in writing. See Draw, 3. Braftsman. In ^equity practice, a person who prepares pleadings; also, one who manually writes a will.