drawee


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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 ?
1999) ("Tennessee law forbids prosecution of a person who issues a check which 'the payee or holder knows or has good and sufficient reason to believe the drawer did not have sufficient funds on deposit to the drawer's credit with the drawee to ensure payment.
50) For example, a draft may be deemed negotiable even if it states that it is payable upon acceptance, on the ground that such a draft merely restates the rule that the drawee is not liable unless the drawee accepts the draft.
While the check market has experienced a rapid transformation from paper processing to electronic processing, the underlying structure of the parties in each transaction remains much the same: Each check transaction includes a drawer (the person who writes the check), the payee (the person to whom the check is payable), the drawee (the bank that maintains the funds on which the check is drawn), and the depository bank (the first bank to receive a check for collection).
When one party presents a check to another, he does not immediately surrender ownership of the promised funds but rather maintains his interest in those funds until the drawee bank actually honors the order.
Interchangeable with cash credit, cash credit (book debt), drawee bill, packing credit, bill discounting, and post-shipment credit facilities
Drawer--(OALD, DBF) the person who writes a cheque or a bill asking a drawee to pay money to a payee--Lit.
In the case at bar, the drawee provided the funds under the mistaken assumption that the drawer's signatures were genuine.
As for the recent sharp increase in dishonoured cheques, the Marfin Laiki source said this is most likely due to the writing of post-dated cheques rather than conscious attempts to defraud the drawee.
A draft has three parties; the drawer (person with funds) who instructs the drawee (e.
The Compensating Chamber, in the stock markets, act intervening between the seller or salesperson and the drawee or buyer of the options, eliminating the direct bond between them.
137) In addition, the banking staff should educate depositors about the complicated area of law governing their deposits, and should advise them that there is always a chance, whether due to fraud or other cause, that the check will be dishonored by the drawee bank.
and the treat has the same content as the bill of exchange, but there are three participants: the drawer, the drawee and the beneficiary" (Manolescu, 2006).
A draft only becomes valid when the drawee has written "accepted" and put his name to the bill of exchange.
Check 21 requires all drawee banks (19) to accept substitute checks from depository banks (20) in lieu of original checks.
For example, no gift is made at the moment the donor gives the donee a personal check or note; the transfer of a personal check is not complete and taxable until it is paid (or certified or accepted) by the drawee or it is negotiated for value to a third person.