United Kingdom
A form of bill of exchange issued by a customer of a bank and backed by the bank accepting primary liability upon the bill's maturity (the customer remains secondarily liable as drawer of the bill).
A bankers' acceptance is an accommodation bill and is typically used as a method of obtaining short-term financing by way of acceptance credits. It may also be known as a finance bill or a liquefication bill.
For more on the use of bills of exchange to obtain financing, see PLC Finance, Practice note, Corporate loan facilities: Miscellaneous forms of short-term lending: Bills of exchange and acceptance credits (www.practicallaw.com/1-107-4985).
Practical Law Dictionary. Glossary of UK, US and international legal terms. www.practicallaw.com. 2010.