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Simple English definitions for legal terms
redraft
Read a random definition: continuity of existence
A quick definition of redraft:
Term: REDRAFT
Definition: A redraft is a second piece of paper with a promise to pay money that is given by the person who wrote the first one, after the first one was not accepted. This new paper can be used instead of the first one to try to get the money owed.
A more thorough explanation:
Definition: A redraft is a second negotiable instrument that is offered by the drawer after the first instrument has been dishonored.
Example: John wrote a check to pay for his rent, but the check bounced because he didn't have enough money in his account. He then wrote a redraft, which was a new check with a different date and amount, to pay his landlord.
Explanation: In this example, John's first check was dishonored because it bounced. To make things right, he wrote a redraft, which is a new check that replaces the first one. The redraft is a way for the drawer (John) to try again and make sure the payment goes through.