drawee (Meaning)
drawee (n)
the person (or bank) who is expected to pay a check or draft when it is presented for payment
drawee (n.)
The person on whom an order or bill of exchange is drawn; -- the correlative of drawer.
Synonyms & Antonyms of drawee
No Synonyms and anytonyms found
drawee Sentence Examples
- In a bill of exchange, the drawee is the individual or entity who is obligated to pay the amount specified on the bill.
- The drawee's name and address are typically printed on the face of the bill of exchange.
- When a bill of exchange is presented for payment, the drawee has the option of accepting or dishonoring the bill.
- If the drawee accepts the bill, they are legally bound to pay the amount specified on the bill on the due date.
- If the drawee dishonors the bill, they are not legally obligated to pay the amount specified on the bill.
- There are a number of reasons why a drawee might dishonor a bill of exchange, such as insufficient funds or a dispute over the amount owed.
- If a bill of exchange is dishonored, the holder of the bill may take legal action against the drawee to recover the amount owed.
- In some jurisdictions, the drawee may be required to provide a written explanation for dishonoring a bill of exchange.
- The drawee is typically a bank or other financial institution, but it can also be an individual or a company.
- The drawee is ultimately responsible for paying the bill of exchange, even if they have not received the goods or services that were purchased.
FAQs About the word drawee
the person (or bank) who is expected to pay a check or draft when it is presented for paymentThe person on whom an order or bill of exchange is drawn; -- the co
No synonyms found.
No antonyms found.
In a bill of exchange, the drawee is the individual or entity who is obligated to pay the amount specified on the bill.
The drawee's name and address are typically printed on the face of the bill of exchange.
When a bill of exchange is presented for payment, the drawee has the option of accepting or dishonoring the bill.
If the drawee accepts the bill, they are legally bound to pay the amount specified on the bill on the due date.
