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Meaning of “drawee” in the English Dictionary

"drawee" in Business English

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draweenoun [C]

uk   us   /drɔːˈiː/
(also drawee bank) BANKING the ​bank that ​pays the ​amount of ​money that is written on a ​cheque or bankdraft 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 ​orderspayment 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.
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(Definition of drawee from the Cambridge Business English Dictionary © Cambridge University Press)
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“drawee” in Business English

More meanings of “drawee”

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