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

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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

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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.

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

  • drawee — /draw ee /, n. Finance. a person on whom an order, draft, or bill of exchange is drawn. [1760 70; DRAW + EE] * * * …   Universalium

  • drawee — noun The party directed to pay the amount of a draft or check. See Also: drawer …   Wiktionary

  • drawee — draw·ee || drɔː iː n. person from whom money is taken to pay another …   English contemporary dictionary

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