Financing method incorporating new use of trade acceptance drafts
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United States of America Patent
Stats
-
Dec 2, 1997
Grant Date -
N/A
app pub date -
Jul 24, 1995
filing date -
Jul 24, 1995
priority date (Note) -
Expired
status (Latency Note)
Importance
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.
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