Shareholder Draft definition
Shareholder Draft means a Fund redemption draft in form and substance approved by the BNYMTI and issued by a Shareholder.
Examples of Shareholder Draft in a sentence
If a Fund in its sole discretion agrees to pay BNYMTI the monthly forgery coverage amount as set forth in Section 9(j), BNYMTI shall be liable to the Funds with respect to any Shareholder Draft payable through BNYM where the signature of the drawer is forged, but only to the extent the amount of such Shareholder Draft exceeds $5,000, and only to the extent that BNYMTI or the Fund would be liable.