Ennis v. Coshocton National Bank

1. “ A draft is an open letter of request from, and an order by, one person on another to pay a sum of money therein mentioned to a third person, on demand or at a future time therein specified. A ‘ draft ’ at the present day is the common term for all bills of exchange. The words ‘ draft ’ and ‘ bill of exchange ’ are used indiscriminately.” 3 Words & Phrases (1st ed.), 2196. The fact that a paper in the above form, accepted by the person on whom it is drawn, is called a “ trade acceptance ” does not affect its character as a draft or bill of exchange. Whatever it may be called, it is in…