TIME DRAFT Definition

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TIME DRAFT is a draft that matures either a certain number of days after acceptance or a certain number of days after the date of the draft. See SIGHT DRAFT.

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REVOLVING CREDIT is a line of credit extended to customers who may use it as often as desired up to a certain dollar limit. Items purchased using this line of credit may be paid in full upon receipt of a monthly statement, or they may be paid for in several installments, for which an interest charge is added. Also known as REVOLVING LINE OF CREDIT.

VALIDATE is to a. declare or make legally valid; b. mark with an indication of official sanction; or, c. to establish the soundness of; corroborate.

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