Table of Contents
What do you mean by drawer?
1 : a box that slides in and out of a piece of furniture and is used for storage a desk drawer. 2 drawers plural : underpants. drawer. noun. draw·er | \ ˈdrȯ-ər \
What is a drawer on a cheque?
The maker of a bill of exchange or cheque is called the “drawer”; the person thereby directed to pay is called the “drawee”.
What is a drawer in business?
The individual or firm that issues or signs a draft instructing the drawee to pay a specified sum of money to, or to the order of, a named person (payee), or to bearer. In the case of a draft to one´s order, the drawer is also the payee.
What is drawer in deposit?
The person who signs a check to his or her bank ordering the latter to pay the face amount of the check to the payee. After receiving the check, the payee typically indorses it on the back in the payee’s own name, and then deposits it in the payee’s account in a different bank, the depositary bank. …
Who is the drawer in the bank?
The bank that cashes your check is the drawee, your employer who wrote the check is the drawer, and you are the payee.
Who is a drawer drawee and payee?
The drawee is the party that pays the sum specified by the bill of exchange. The payee is the one who receives that sum. The drawer is the party that obliges the drawee to pay the payee.
Who is a drawer in bill of exchange?
There are 3 parties involved in a payment by bill of exchange: the drawer is the party that issues a bill of exchange – the ‘creditor’; the beneficiary or payee is the party to which the bill of exchange is payable; the drawee is the party to which the order to pay is sent – ‘the debtor’.
Who are the drawer drawee and payee?
Can a drawer and drawee be holders?
Maker/drawer: the person who makes or executes the note promising to pay the amount stated therein. Drawee: The person directed to pay the money by the drawer. The drawee is the paying bank in case of cheque. A person cannot be a holder unless he is the payee or indorsee (endorsee) thereof.
What is the meaning of end up in the Dictionary?
dictionary thesaurus. phrasal verb. ended up; ending up; ends up. : to reach or come to a place, condition, or situation that was not planned or expected The book ended up in the trash.
Who is drawer drawee and payee?
The party in whose favor the bill is drawn or is payable is called the payee. The parties need not all be distinct persons. Thus, the drawer may draw on himself payable to his own order. Now, let me explain these three terms with example. Who is Drawer Drawee and Payee in case of Cheque?
What is the meaning of ending up in life?
ended up; ending up; ends up. : to reach or come to a place, condition, or situation that was not planned or expected The book ended up in the trash. He didn’t want to end up like his father. She ended up a rich woman. He ended up (living) in a nursing home.
What does drawer mean in banking?
What does refer to Drawer mean in banking? The person who draws the bill is called the drawer. He gives the order to pay money to the third party.