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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. Want to thank TFD for its existence? Tell a friend about us, add a link to this page, add the site to iGoogle, or visit the webmaster's page for free fun content. |
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Matsis seemed to confirm this view, saying that although an increasing number of cheques are being returned unpaid by banks, a drawee will still present them once or twice more before finally considering reporting the drawer to the CIR. In his program, he examined the allocation of check fraud losses under the Uniform Commercial Code and the effective use of the deposit agreement between the drawee bank and its customer. 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. |
Drawee |
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