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drawee |
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drawee [drɔːˈiː] n
(Economics, Accounting & Finance / Banking & Finance) the person or organization on which a cheque or other order for payment is drawn ThesaurusLegend: Synonyms Related Words Antonyms
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acceptor debtor drawer money dealer money handler open cheque payer Presentment of a bill of exchange remunerator Supraprotest To accept a bill | 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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