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English definition of “drawee”

drawee

noun [C]
 
 
/drɔːˈiː/
( also drawee bank) BANKING the bank that pays the amount of money that is written on a cheque or bank draft by the owner of an account at that bank: A drawee is responsible for knowing his drawer’s signature and cannot recoup from the person who presented the draft if it turns out that the drawer’s signature was forged.
FINANCE, COMMERCE the person or company that accepts and pays the amount of money written on a bill of exchange (= document used in trade that orders payment for goods or services): When a bill of exchange is drawn by a seller on a buyer, the buyer becomes the drawee, the person upon whom the bill is drawn.
→  Compare drawer , payee
(Definition of drawee from the Cambridge Business English Dictionary © Cambridge University Press)
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