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drawee - definition of drawee - The party directed to pay the amount of a draft or check.
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The Legal Terms * Drawee, Drawer * Defined & Explained DRAWEE - A person to whom a bill of exchange is addressed, and who is requested to pay the amount of money therein mentioned. The drawee may be only one person, or there may be several persons. The drawee may be a third person, or a man may draw a bill on himself.
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Definition of drawee in the Online Dictionary. Meaning of drawee. Pronunciation of drawee. Translations of drawee. drawee synonyms, drawee antonyms. Information about drawee in the free online English dictionary and encyclopedia. The gift, therefore, remains incomplete until the drawee bank pays the check.
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drawee ( ) n. The party on which an order for the payment of money is drawn.
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Draft Bill of Exchange - A written, unconditional order for payment from one person (the drawer) to another (the drawee). It directs the drawee to pay a specified sum of money, in a given currency, at a specific date to the drawer.
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Bank named in a letter of credit on whom drafts are to be drawn for payment drawee bank in the news Search volume for drawee bank...
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drawee bank drawee in the news Search volume for drawee...
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; U.C.C. - ARTICLE 3 - NEGOTIABLE INSTRUMENTS; ..PART 1. GENERAL PROVISIONS AND DEFINITIONS (1) "Acceptor" means a drawee who has accepted a draft. (2) "Drawee" means a person ordered in a draft to make payment.
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Definition of Drawee in the Legal Dictionary - by Free online English dictionary and encyclopedia. What is Drawee? Meaning of Drawee as a legal term. What does Drawee mean in law? DRAWEE. A person to whom a bill of exchange is addressed, and who is requested to pay the amount of money therein mentioned.
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Question: In the BankersOnline InfoVault, I was just reading that a drawee bank (us, in this case) has no recourse if it pays a counterfeit check (please see "Counterfeit Check Reimbursement".) The Q and A appears to state the drawee bank may never send the item back to the bank of first deposit after the 24-hour deadline.
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