Financing method incorporating new use of trade acceptance draft

Details Financing method incorporating new use of trade acceptance draft Financing method incorporating new use of trade acceptance draft

1995-07-24

1997-12-02

McElheny, Jr., Donald E.

G06F 1760

Patent

active

056945523

ABSTRACT:
A new method of using a trade acceptance draft TAD which is a financial instrument executed by a maker which is for a specific amount payable on a predetermined future date and drawn upon a specific account of the maker maintained at a specific bank. The maker as a first party sends a TAD to a second party as payment of a debt owned to the second party by the first party. The second party upon receipt endorses the TAD to a third party. The second party sells the endorsed TAD to the third party and delivers the endorsed TAD to the third party whereby the third party receives the endorsed TAD as a holder in due course.

REFERENCES:
Gordon Platt, The Journal of Commerce Financing Trade Column, The Journal of Commerce, Dec. 8, 1993, Aug. 1993.

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