Legal Definitions - redraft

Definition: A redraft is a second negotiable instrument that is offered by the drawer after the first instrument has been dishonored.

Example: John wrote a check to pay for his rent, but the check bounced because he didn't have enough money in his account. He then wrote a redraft, which was a new check with a different date and amount, to pay his landlord.

Explanation: In this example, John's first check was dishonored because it bounced. To make things right, he wrote a redraft, which is a new check that replaces the first one. The redraft is a way for the drawer (John) to try again and make sure the payment goes through.