drawee


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  • noun

Words related to drawee

the person (or bank) who is expected to pay a check or draft when it is presented for payment

References in periodicals archive ?
The drawee shall refrain from paying the amount of the cheque to its holder when he receives the objection and shall set aside the value of the cheque until the matter is settled.
false invoices and certifications, (30) checks naming false drawees,
In general, the UCC states that a drawee bank is liable for fraud claims involving the drawer's signature on the face of a check and that a depository bank is liable for fraud claims involving the payee's endorsement on the back of the check.
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.
When concluding it, if the market price is superior to the convened price the drawee will exercise the option.
27) A substitute check may be created by the drawee bank once the drawee bank receives the electronic image of the original check from a depository bank.
If, however, that drawee bank fails and cannot honor the check, the customer who deposited the check will not receive credit from the bank in which the deposit was made and will not be able to withdraw an equivalent amount in cash.
Drawings under the F/X swap arrangements can be initiated by either the FRBNY or the partner foreign central bank and must be agreed to by the drawee.
For example, if the drawee bank pays a check bearing a forged signature of the drawer, the drawee bank bears the loss (White and Summers 2000, 553555).
102) The payee went to the drawee bank and sought its acceptance of the check and payment.
These include Connecticut's law requiring the drawee of a dishonored check to demand payment from the drawer in both Spanish and English; the laws on door-to-door solicitation sales (home-solicitation sales), requiring Spanish language notice of cancellation rights in Delaware, Kansas and Nebraska; the New Mexico law requiring subdividers of land to make disclosures in Spanish; the New York law requiring licensed check cashers to post fee schedules in both English and Spanish, and more.
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.
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.