Sight Draft


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Sight Draft

A Commercial Paper that is payable upon presentment.

When a draft or bill of exchange is payable at sight, money may be immediately collected upon presentment to the drawee named in the instrument.

See: check, instrument
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References in periodicals archive ?
The court awarded the Beneficiary damages in the amount of the Beneficiary's sight draft of $207,885, presented to the issuing bank, together with interest.
The LC Beneficiaries commenced suit against the issuing bank, claiming the bank had wrongfully dishonored the sight draft they had presented.
Hamilton's review of the books led him to conclude that the "sales of vehicles supposedly reflected by the sight drafts, title certificates and accompanying materials were wholly fictitious.
Amwest was entitled to payment of the letter of credit because it had presented the sight draft and certification required by the letter of credit.
The advantages of sight draft terms to the importer are that they don't pay for the goods until the product arrives and it is less costly than an L/C.
Once approved, KeyBuy financing includes a Sight Draft (which works like a check) that the customer can take to the dealer.