drawee

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Drawee

A person or bank that is ordered by its depositor, a drawer, to withdraw money from an account to pay a designated sum to a person according to the terms of a check or a draft.

Cross-references

Commercial Paper.

drawee

n. the party who is to be paid on a bill of exchange or check. (See: bill of exchange)

drawee

a person on whom a BILL OF EXCHANGE is drawn. See DRAW.

DRAWEE. A person to whom a bill of exchange is addressed, and who is requested to pay the amount of money therein mentioned.
     2. The drawee may be only one person, or there may be several persons. The drawee may be a third person, or a man may draw a bill on himself. 18 Ves. jr. 69; Carth. 509; 1 Show. 163; 3 Burr. 1077.
     3. The drawee should accept or refuse to accept the bill at furthest within twenty-four hours after presentment. 2 Smith's R. 243; 1 Ld. Raym. 281 Com. Dig. Merchant, F 6; Marius, 15; but it is said the holder is entitled. to a definite answer if the mail go out in the meantime. Marius' 62. In case the bill has been left with the drawee for his acceptance, he will be considered as having accepted it, if he keep the bill a great length of time, or do any other act which gives credit to the bill, and induces the holder not to protest it; or is intended as a surprise upon him, and to induce him to consider the bill as accepted. Chit. on Bills, 227. When he accepts it, it is his duty to pay it at maturity.

References in periodicals archive ?
1993) (holding forged drawee and payee signatures were false statements that were intended to defraud federally insured banks under 18 U.
12) Such statements include false invoices and certifications,(13) false credit card statements,(14) checks naming false drawees (but not "bad" checks),(15) false applications to obtain official documents,(16) false identifications given to border agents,(17) false information given to customs agents,(18) false Medicare claims,(19) false radio distress signals broadcast to naval aircraft,(20) marriage vows given falsely to gain citizenship,(21) false information given to federal investigators,(22) and a wide variety of statements falsely made to other governmental entities, usually in attempts to profit under false pretenses.
8) Such statements include false invoices and certifications,(9) false credit card statements,(10) checks naming false drawees (but not "bad" checks),(11) false applications to obtain official documents,(12) false identifications given to border agents,(13) false information given to customs agents,(14) false Medicare claims,(15) false radio distress signals broadcast to naval aircraft,(16) marriage vows given falsely to gain citizenship,(17) false information given to federal investigators,(18) false information given to the judiciary acting in an administrative capacity,(19) false information given to Congress by an executive officer,(20) and a wide variety of statements falsely made to other governmental entities, usually in attempts to profit under false pretenses.
1993) (holding forged drawee and payee signatures were false