Draw Definition and Legal Meaning
On this page, you'll find the legal definition and meaning of Draw, written in plain English, along with examples of how it is used.
What is Draw?
v. 1) The preparation of a document. 2) The preparation and signing of a bill of exchange or check.
History and Meaning of Draw
The term "draw" is commonly used in the legal world to refer to the preparation and signing of a document or bill of exchange. It dates back to the early days of banking when people would physically "draw" money from their accounts by writing a check.
In the context of legal documents, draw refers to the act of creating or preparing a document, such as a contract or will. The person who prepares the document is often referred to as the drafter.
In the context of bills of exchange and checks, draw refers to the act of creating and signing the document. The person who creates the document is known as the drawer, and the person who receives the payment is the drawee.
Examples of Draw
- "I need to draw up a new contract for my business partner to sign."
- "The lawyer will draw a will for my estate."
- "The company will draw a check to pay for the new equipment."
- "The bank will not honor the check drawn on a closed account."
- "The seller will need to draw a bill of sale for the purchase of the property."
Legal Terms Similar to Draw
- Drafting - the act of preparing a legal document
- Execute - the act of signing a legal document
- Notarize - the act of certifying a legal document has been signed and executed
- Counteroffer - a response to an offer that changes the terms of the original offer
- Endorsement - the act of signing a check over to someone else