What is BANKABLE PAPER? Definition of BANKABLE PAPER in Black's Law Dictionary - Legal dictionary - Glossary of legal terms.
In mercantile law. Notes, checks, bank bills, drafts, and other securities for money, received as cash by the banks. The term does not necessarily mean discountable paper, but paper of such high credit that, if the time of payment was reasonable and the banks had loanable funds, they would ordinarily discount it. Edward v. Allis Co. v. Madison Electric Light, Heat & Power Co., 9 S.D. 459, 70 N.W. 650, 652.
National bank notes are received as bankable money without regard to the locality of the bank issuing them. U.S.Rev.Stat. § 5133 (12 USCA § 21); Veazie Bank v. Fenno, 8 Wall. 533, 19 L.Ed. 482.
That's the definition of BANKABLE PAPER in Black's Law Dictionary - Legal dictionary - Glossary of legal terms. Courtesy of Cekhukum.com.