bankable note


bankable note
A note which will be taken by a bank as cash or subject to a discount. Pasha v Bobart, 45 Mont 76, 122 P 284. The condition that a buyer must pay by cash or a "bankable note" was at one time a familiar one in auction sales. The courts are split as to whether a note is bankable when banks refuse to discount it because of the general stringency of the money market, and not because of the financial irresponsibility of the parties. 46 Am J1st Sales § 179.

Ballentine's law dictionary. . 1998.

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