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 ?
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.
When the sight drafts would bounce a few days later, "Barrow and his co-conspirators would replace the chargebacks with other fraudulent sight drafts," Hamilton said.
A sight draft doesn't cost the buyer as much as a letter of credit - he must pay the seller before he can get the goods out of customs.