...and as such, be subject to discounting. The Board ruled that a trade acceptance, defined as "a draft drawn by the seller on the purchaser of goods sold, and accepted by such purchaser," includes such a draft based on the sale and purchase of advertising space. In other words, advertising...

...requiring the Eerson to whom it is addressed to pay in flic United tates, at a fixed or determinable future time, a sum certain in dollars to the order...specified person; and a trade acceptance is defined as a draft or bill of exchange, drawn by the seller on the purchaser of goods sold,2 and accepted by such...

...requiring the person to whom it is addressed, to pay, in the United States, at a fixed or determinable future time, a sum certain in dollars to the order...specified person ; and a trade acceptance is defined as a draft or bill of exchange drawn by the seller on the purchaser of goods sold and accepted by such purchaser....

...requiring the person to whom it is addressed to pay in the United States, at a fixed and determinable future time, a sum certain in dollars to the order...of exchange drawn by the seller on the purchaser of the goods sold, and accepted by such purchaser." Bankers' Acceptances The same regulation also explains...

...requiring the person to whom it is addressed, to pay, in the United States, at a fixed or determinable future time, a sum certain in dollars to the order...specified person; and a trade acceptance is defined as a draft or bill of exchange drawn by the seller on the purchaser of goods sold and accepted by such purchaser....

...requiring the person to whom it is addressed, to pay, in the United States, at a fixed or determinable future time, a sum certain in dollars to the order...specified person; and a trade acceptance is defined as a draft or bill of exchange drawn by the seller on the purchase of goods sold and accepted by such purchaser....

...a sum certain ... to the order of a specified person." A trade acceptance eligible for purchase is "a bill of exchange drawn by the seller on the purchaser of goods sold and accepted by such purchaser." "To be eligible for purchase the bill must have arisen out of an actual commercial transaction, domestic...

...for payment. Regulations of the Federal Reserve Board prescribe that to be eligible for rediscount "the bill must have arisen out of an actual commercial...transaction, domestic or foreign," that is, it must be a bill which has been issued or drawn for agricultural, industrial, or commercial purposes, or the...

...for payment. Regulations of the Federal Reserve Board prescribe that to be eligible for rediscount "the bill must have arisen out of an actual commercial...transaction, domestic or foreign," that is, it must be a bill which has been issued or drawn for agricultural, industrial, or commercial purposes, or the...

...requiring the person to whom it is addressed to pay in the United States, at a fixed or determinable future time, a sum certain in dollars to the order of a specified person." Trade Acceptance Defined The Federal Reserve Board goes on to define the trade acceptance as "a bill...