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Banking




Acceptor


A person or party, known as the drawee, who accepts a bill of exchange or time draft. This done, the accepting party becomes responsible for payment at maturity to the party named in the draft. For example, a commercial bank may add the word “accepted” along with an official signature and a specified date of payment to a time draft (henceforth a banker’s acceptance is created).

The act of an acceptor is called acceptance.



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Banking is an integral part of the modern financial system and plays an important role in an economy. It basically involves the so-called intermediation (e.g., ...
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