Drawee


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Drawee

The party who is directed to pay as specified in a draft.

Drawee

1. The party, often a bank, directed to pay the stated amount to the payee on a draft or check.

2. The party to whom a bill of exchange is addressed. A drawee, in this sense, is also called an acceptor.
References in periodicals archive ?
The drawee shall, at the expense of the objecting party, publish the number of the lost or destroyed cheque, its amount, the name of its owner, the name of the objector and his address in a daily local newspaper issued in Arabic.
As we explained earlier, for traditional checks, a drawee bank is liable for fraud claims that involve the drawer's signature on the face of a check and a depository bank is liable for fraud claims that involve the payee's endorsement on the back of the check.
The drawee of a sale option, by means of the payment of a premium, obtains the right to sell underlying goods, in quantity and quality, to the seller.
A drawee bank (or paying bank) is the bank in which the check is made payable to.
In advising clients about the tax advantages of making lifetime gifts to relatives and friends, CPAs should point out that checks must be paid by the drawee bank prior to the donor's death.
But, by common law, payment in full or at par was required only if the check was presented for payment at the bank against which it was drawn (the drawee bank).
Apparently, the term "debtor" as used in this provision includes a drawee, as well as a prior holder against whom rights of recourse are sought.
The court ruled that although it is a general rule that a check is not absolute payment until it is paid by the drawee bank, a contract vendee of property cannot use this general rule to withdraw from a contract before her downpayment check is deposited and paid by the bank.
Thus, even though under Maryland law the gifts were not completed until the drawee bank accepted the checks, the gifts were considered completed in 1985 because of the relation-back doctrine and Albert's estate was not increased by the $20,000.
For he that jantyll is woll drawee hym to jantyll tacchis and to folow the noble customys of jantylmen.
The system identifies the bank of first deposit for each inward clearing item and presents the matched information, along with the image, to the drawee bank operator for on-line return confirmation.
1992) (finding "bare" check-kiting schemes, where defendant did not communicate to drawee bank, are covered by [section] 1344(1)); United States v.