They are Drawer, Drawee and Payee. But sometimes additional two parties Acceptor and Endorser includes in a Bill of Exchange. (i) Drawer: The maker of a Bill of Exchange (B/E) is called the drawer. Drawee is the party upon whom the cheque is drawn. Drawee is the bank. Vocabulary words for drawer drawee payee. Includes studying games and tools such as flashcards.
The payee can only sue the drawee bank if the underlying obligation for which the check is given is extinguished. The drawer of the check can sue the drawee bank if it paid a check that was not properly payable. 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. It must be in writing; it must bear a date; it must be for a certain amount; it must bear an authorized signature; it must have a drawee financial institution; and it must have a payee or be a bearer instrument.