from The American Heritage® Dictionary of the English Language, 4th Edition
- n. The party on which an order for the payment of money is drawn.
from Wiktionary, Creative Commons Attribution/Share-Alike License
- n. The party directed to pay the amount of a draft or check.
from the GNU version of the Collaborative International Dictionary of English
- n. The person on whom an order or bill of exchange is drawn; -- the correlative of drawer.
from The Century Dictionary and Cyclopedia
- n. One on whom an order, draft, or bill of exchange is drawn-that is, the one to whom its request is addressed; the person requested by a bill of exchange to pay it. see extract under drawer, 3.
from WordNet 3.0 Copyright 2006 by Princeton University. All rights reserved.
- n. the person (or bank) who is expected to pay a check or draft when it is presented for payment
Sorry, no etymologies found.
Braudel, p. 368, distinguishes four possible handlers in a bill's life course, the purchaser, the drawer, the bearer, and the drawee who would accept the bill (or not, which might give rise to protests or a lawsuit).
This so-called "truncation" of the collection process calls for a redefinition of the duties incumbent on the holder and collecting and drawee banks and have been specifically addressed in the proposed legislation.
It is not a direct promise to pay; but it is an undertaking, by the drawer, that the drawee shall accept and pay; and the drawer is answerable only when the drawee fails to pay.
If, when a bill is presented to the drawee, he agrees to pay it, he is said to _accept_ the bill, and writes his acceptance upon it.
No precise time is fixed by law at which bills payable at sight or a certain number of days after sight, must be presented to the drawee for acceptance; though an unreasonable delay might discharge the drawer.
In any prosecution under this section, the making or drawing, or uttering or delivery of a check, draft, or order, payment of which is refused by the drawee because of lack of funds or credit, shall be prima facie evidence of intent to defraud and of knowledge
Page view page image: of insufficient funds in, or credit with such bank, banking institution, trust company, or other depository, unless such maker or drawer shall have paid the drawee thereof the amount due thereon, together with interest and protest fees, within five days after receiving notice that such check, draft, or order has not been paid to the drawee.
` The question arising on such paper (checks) between drawee and drawer, however, always relate to what the one has authorized the other to do.
But he knew that it would mortify his mother exceedingly, to learn that he was repaying Mr. Beach's kindness by taxing his purse; and he intended to stop the draft from going to the drawee, by payment of it.
He lead got his exchange - the buyer had got his bill and the money, too, - and the drawee was fully protected!