This section is from the book "Bepler's Handy Manual of Knowledge And Useful Infomation", by David Bepler. Also available from Amazon: Bepler's Handy Manual of Knowledge and Useful Information.
A Bill of Exchange or Draft is an order drawn by one person or firm upon another, payable either at sight or at a stated future time.
It becomes an "Acceptance" when the party upon whom it is drawn writes across the face "Accepted" and signs his name thereto; and is negotiable and bankable the same as a note and is subject to the same laws.
In many States both Sight and Time Drafts are entitled to three days' grace, the same as notes; but if made in form of a bank check, "pay to," without the words "at sight," it is payable on presentation without grace.