Draft

The common term for a bill of exchange.

An order for the payment of money, drawn by one person on another. Wildes v. Savage, 1 Sto. 30, Fed. Cas. No. 17,053. It is said to be a nomen <k n< ralissimum, and to include all such orders, ibid., per Story, J. It is frequently used in corpox-ations where one agent draws on another; in such case it may be treated either as an accepted bill or a promissory note; 1 Dan. Neg. Inst. 350; Tiedeman, Com. Pap. § 128. Drafts come within a statutory provision respecting "bills and notes for the direct payment of money;" Gilstrap v. R. Co., 50 Mo. 491. They are frequently given for mere convenience in keeping accounts, and providing concurrent vouchers, and it is not necessary to present such a draft to the drawee or to give notice of non-payment before suing the corporation; 1 Dan. Neg. Inst. 350; Dennis v. Water Co., 10 Cal. 369; Mobley v. Clark, 2S Barb. (N. Y.) 391; Shaw v. Stone, 1 Cush. (Mass.) 256. A draft by directors of an assurance company on its cashier was said to contain all that is essential to constitute a promissory note; 9 C. B. 574. Drafts are frequently used between municipal oflicors. and are not usually negotiable Instruments; l Dan. Neg. Inst. 352. But it has been held that municipal warrants or orders for the payment Of debts, if authorized and drawn in negotiable language, may be sued on by the transferee; id. 353; Kelley v. City of Brooklyn, 4 Hill. (N. Y.) 265. They must be presented for payment before suit; Pease v. Inhabitants of Cornish, 19 Me. 193; contra. Steel v. Davis County. 2 G. Greene (la.) 469. Draft, in a commercial sense, is an allowto him; it Is a small allowance in weighable goods, made by the king to the importer; it is to CO for any lo-s that may occur from the handling of the In the weighing, so that, when time, the article will bol Napier v. Barney, 6 Blatchf. No. 10,009. the rough copy uf a U before DRAG0 DOCTRINE. The pri sorted by Luis Drago, Minister o Affairs of the Argentine Republic, In a letter to the Argentine Mil ton, December 29, 1902, tb it the 1 i Hon of states to secure the of public debts due to their citizens from foreign states is unjustifiable and dang to the security and peace of the nati< South America. The doctrine was but became associated with the na:. Drago, owing to his publication of an elaborate exposition of it shortly before the ond Hague Conference. The subject was brought before the conference by the Dnited States and a Convention was adopted in which the contracting powers agreed, with some restrictive conditions, not to have recourse to armed force for the recovery of contract debts claimed by thoi'r nationals against a foreign state. Biggins, 184-197.

draught. A bill of exchange; an instrument or paper as first, or originally drawn.

The common term for a bill of exchange; as being drawon by one person on another. 2 Bl, Comm. 467. An order for the payment of money drawn by one person on another, It is said to be a nomen generalisstmum, and to include all such orders, 1 Story, 30, Draft also signifies a tentative, provisional, or preparatory writing out of any document (as a will, contract, lease, etc.) for purposes of discussion and correction, and which is afterwards to be copied out in its final shape.

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.

Draught. The common term for a bill of exchange; as being drawn by one person on another. 2 Bl. Com. 467. An instrument or paper as first, or originally drawn, or roughly written before it ii copied or engrossed.