320 RULES OF BUSINESS 



Unless inscribed with the words "with interest," notes 

 do not draw interest until after maturity; but if not 

 paid at maturity, they draw interest at the legal rate 

 until paid. 



Due Bill. A due bill is a written acknowledgment of 

 something due from one party to another. They are 

 not usually made payable to order, are frequently with 

 out date, and seldom mention the name of the plac 

 or state. 



DRAFTS 



Sight Draft. A sight draft is a draft drawn by one 

 person on another, and payable on presentation, or at 

 sight. They are treated as cash by those receiving them. 



Time Draft. Time drafts are drawn payable a certain 

 number of days after sight and to be of value must be 

 accepted by the party on whom the'y are drawn. Accept- 

 ance is shown by writing across the face, usually in red 

 ink because of its prominence, the word "accepted," the 

 date, and the signature of the acceptor. The due date is 

 figured so many days after the date of acceptance, and 

 not after the date on which it was drawn. 



Often there is seen attached to the end of a draft a 

 slip reading, "No Protest." "Take this off before pre- 

 senting." This informs the banker that the drawer does 

 not wish the paper protested, and is done so that if the 

 paper is not accepted, the drawer will not have to pay 

 the protest fees. 



Bank Draft. For convenience and safety in making 

 remittance from one part of the country to another, in 

 funds that are at par, and yet without actually trans- 

 ferring the cash, bank drafts are bought from local banks 

 and forwarded, instead of using checks, etc. 



