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Drawee |
Also found in: Dictionary/thesaurus, Legal | 0.03 sec. |
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Drawee The party who is directed to pay as specified in a draft. |
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? Mentioned in | ? References in periodicals archive | |
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Under the Uniform Commercial Code, a bank that accepts a check for deposit warrants to the drawee bank that all indorsements on the check are genuine, and the bank is liable to the drawee bank for the amount of the check plus expenses and lost interest if an indorsement on the check was forged. The gift, therefore, remains incomplete until the drawee bank pays the check. 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. |
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Drawee
