To draw bills or cheeks upon an individual, bank or other corporation, for a greater amount of funds than the party who draws is entitled to. 2. When a person has overdrawn his account without any intention to do so, and afterwards gives a check on a bank, the holder is required to present it, and on refusal of payment to give notice to the maker, in order to hold him bound for … [Read more...]

In Scotch law. An umpire appointed by a submission to decide where two arbiters have differed in opinion, or he is named by the arbiters themselves, under powers given them by the submission. Bell. … [Read more...]

To draw upon a person or a bank, by bills or checks, to an amount in excess of the funds remaining to the drawer's credit with the drawee, or to an amount greater than what is due. The term "overdraw" has a definite and well understood meaning. Money is drawn from the bank by him who draws the check, not by him who receives the money; and it is drawn upon the account of the … [Read more...]

Open; manifest; public; issuing in action, as distinguished from that which rests merely in intention or design. Market overt. See MarketOvert act. In criminal law. An open, manifest act from which criminality may be implied. An open act, which must be manifestly proved. 3 Inst. 12. An overt act essential to establish an attempt to commit a crime is an act done to carry out the … [Read more...]

A bill, note, bond or other contract, for the payment of money at a particular day, when not paid upon the day, is overdue. 2. The indorsement of a note or bill overdue, is equivalent to drawing a new bill payable at sight. 2 Conn. 419; 18 Pick. 260; 9 Alab. R. 153. 3. A note when passed or assigned when overdue, is subject to all the equities between the original contracting … [Read more...]