BANKING AFFAIRS

Detailed explanation-1: -Drawee is the party that has been ordered by the drawer to pay a certain sum of money to the person presenting the check (the payee). Usually, the drawee is the bank.

Detailed explanation-2: -The maker of a bill of exchange or cheque is called the “drawer"; the person thereby directed to pay is called the “drawee".

Detailed explanation-3: -7. The maker of a bill of exchange or cheque is called the “drawer; ” the person thereby directed to pay is called the “drawee.” When in the bill or in any indorsement thereon the name of any person is given in additional to the drawee to be resorted to in case of need, such person is called a “drawee in case of need.”

Detailed explanation-4: -The person or entity writing the check is known as the payor or drawer, while the person to whom the check is written is the payee. The drawee, on the other hand, is the bank on which the check is drawn.

Detailed explanation-5: -the beneficiary or payee is the party to which the bill of exchange is payable; the drawee is the party to which the order to pay is sent-‘the debtor’. The drawee becomes the acceptor when he/she/it has written the acceptance on the bill of exchange.