WHAT DOES ACCEPTANCE FOR VALUE MEAN?

Accepted for Value is a promised future payment, or time draft, which is accepted and guaranteed by a bank and drawn on a deposit at the bank1. It is also known as Bankers Acceptance. Acceptance for value is a commercial right that is obtained through instruments such as tax bills and violation tickets. By accepting an instrument for value, one becomes the holder in due course of the instrument and can enforce the instrument on the issue