drawee

drawee
The party to whom a check or draft is written.
Also called payee. American Banker Glossary
————
The party who is directed to pay as specified in a draft. Bloomberg Financial Dictionary

* * *

drawee draw‧ee [ˌdrɔːˈiː ǁ ˌdrɒː-] noun [countable] BANKING
1. the bank that is given an instruction to pay a sum of money to someone when a person who has an account with that bank writes a cheque or bank draft
2. the person named on a bill of exchange who is expected to accept it and to pay it

* * *

drawee UK US /drɔːˈiː/ noun [C]
► (also drawee bank) BANKING the bank that pays the amount of money that is written on a cheque or bank draft by the owner of an account at that bank: »

A drawee is responsible for knowing his drawer’s signature and cannot recoup from the person who presented the draft if it turns out that the drawer’s signature was forged.

► FINANCE, COMMERCE the person or company that accepts and pays the amount of money written on a bill of exchange (= document used in trade that orders payment for goods or services): »

When a bill of exchange is drawn by a seller on a buyer, the buyer becomes the drawee, the person upon whom the bill is drawn.

→ Compare DRAWER(Cf. ↑drawer), PAYEE(Cf. ↑payee)

Financial and business terms. 2012.

Игры ⚽ Поможем сделать НИР

Look at other dictionaries:

  • drawee — draw·ee /drȯ ē/ n: the party (as a bank) on which a draft is drawn compare drawer, payee Merriam Webster’s Dictionary of Law. Merriam Webster. 1996 …   Law dictionary

  • drawee — draw*ee , n. (Law) The person on whom an order or bill of exchange is drawn; the correlative of drawer. [1913 Webster] …   The Collaborative International Dictionary of English

  • drawee — [drô΄ē′] n. the party that the drawer directs, by means of a bill of exchange, order, draft, etc., to pay money over to a third party (called payee) …   English World dictionary

  • drawee — The person on whom a bill or draft is drawn. A person to whom a bill of exchange or draft is directed, and who is requested to pay the amount of money therein mentioned. The drawee of a check is the bank on which it is drawn. When drawee accepts …   Black's law dictionary

  • drawee — The person on whom a bill or draft is drawn. A person to whom a bill of exchange or draft is directed, and who is requested to pay the amount of money therein mentioned. The drawee of a check is the bank on which it is drawn. When drawee accepts …   Black's law dictionary

  • drawee — 1) The person on whom a bill of exchange is drawn (i.e. to whom it is addressed). The drawee will accept it and pay it on maturity. 2) The bank on whom a cheque is drawn, i.e. the bank holding the account of the individual or company that wrote… …   Accounting dictionary

  • drawee — 1) The person on whom a bill of exchange is drawn (i. e. to whom it is addressed). The drawee will accept it (see acceptance) and pay it on maturity. 2) The bank on whom a cheque is drawn, i. e. the bank holding the account of the individual or… …   Big dictionary of business and management

  • drawee bank — UK US noun [C] BANKING ► DRAWEE(Cf. ↑drawee) …   Financial and business terms

  • Drawee bank —   The drawee bank is the bank or branch that initially issues a cheque and eventually pays it …   International financial encyclopaedia

  • drawee — noun Date: 1766 the party on which an order or bill of exchange is drawn …   New Collegiate Dictionary

Share the article and excerpts

Direct link
… Do a right-click on the link above
and select “Copy Link”