drawee

drawee

(1) In terms of the law pertaining to bills of exchange: person or firm in whose name a bill of exchange has been made out (person ordered to pay under the bill). The drawee is only subject to legal obligations in respect of the bill of exchange when he/she/it has accepted the latter. See also acceptance.

(2) In terms of the law pertaining to cheques: the bank on which a cheque was drawn and which cashes the cheque to the debit of the drawer provided the necessary cover is available.

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Part of Speech: noun
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Industry/Domain: Banking
Category: Investment banking
Company: UBS
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