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Loan and Mortgage Terms Glossary

Acceptance:

A written agreement, usually in the form of a draft, in which one party, the drawee, accepts the obligation to pay a specified amount of money to another party at a specified place and time. The drawee is also known as the acceptor, and writes the word "accepted" over his or her signature. A bank acceptance is a draft drawn on and accepted by a bank.


 
     
 
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