share draft

A demand that a member draws against a credit-union share account, payable to a third party.

• A share draft is similar to a check that is written to draw funds out of a checking account at a bank. [Cases: Building and Loan Associations 24, 40. C.J.S. Building and Loan Associations, Savings and Loan Associations, and Credit Unions §§ 4, 11, 18–19, 66–69, 71–79.]

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