(1) Financial term. Another word for a check or any written order for a payment of money. The person writing the draft is the drawer, the bank or holder of the money is the drawee, and the person named to receive the money is the payee. Also referred to as a bill of exchange. (2) This may refer to a penultimate version of a document that may be corrected or revised. (3) A selection of citizens for military service.
Law Dictionary – Alternative Legal Definition
The common term for a bill of exchange; as being drawn by one person on another. Hinnemann v. Rosenback, 39 N. Y. 100; Douglass v. Wilkeson, 6 Wend. (N. Y.) 643. An order for the payment of money drawn by one person on another. It is said to be a nomen generali&simum, and to include all such orders. Wildes v. Savage, 1 Story, 30, 29 Fed. Cas. 1226; State v. Warner, 60 Kan. 94, 55 Pac. 342. 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. Also a small arbitrary deduction or allowance made to a merchant or importer, in the case of goods sold by weight or taxable by weight, to cover possible loss of weight in handling or from differences in scales.