Explain the Difference Between a Drawer and a Drawee

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This bank is responsible for removing money from the drawers account. Note Maker Primary liable on instrument Draft check Drawer secondary liable on instrument The drawee Bank if check would have primary liability only if they accept.


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3K views View upvotes Tirlochan Singh Student Answered 4 years ago Author has 940 answers and 21M answer views.

. To whom the amount is to be paid. In other words theyre the ones directing funds from the drawers account to the payees account. Explain the difference between payee drawer and.

AUD - 99 BEC - 84 FAR - 93 REG - 87. Drawee can pay out things that are _____________. Drawer is a related term of drawee.

The drawee is typically an intermediary or go-between during a financial transaction. The drawer is the party that obliges the drawee to pay the payee. Signs and orders the bank to pay the sum.

The payee is the one who receives that sum. In most situations the drawee is whichever bank the drawer ie the payer uses. In general debtor is the draweedrawer is the peson who sold the goods on credit.

Drawer Noun An open-topped box that can be slid in and out of the cabinet that contains it used for storing clothing or other articlesDrawee Noun Business Difference Between Provident Fund and Pension Fund. Answer to Explain the difference between payee drawer and drawee. The bank on which the cheque is drawn or who is directed to pay the specified sum written on the cheque.

The drawer and the payee are the same entity unless the drawer transfers the bill of exchange to a third-party payee. Drawer make the bill of exchange upon the. Drawer gives money to drawee who acts as agent for collection and drawee pays out according to drawers orders.

Click to see full answer. The drawee is the place bank where the check is drawn out of. The maker and the drawer are essentially the same.

The drawee is the party that pays the sum specified by the bill of exchange. Just different terms depending on whether the instrument is a draft or note. Get Best Price Guarantee 30 Extra Discount.

The drawer is the person who writes the check although they must have the authority to do this. Nodrawee is the person upon whom the bill the exchange is drawn. Solved Expert Answer to Explain the difference between payee drawer and drawee.

Drawer is a person who has the rights to order for a payment and the drawee is the agency who draws and gives the money. And finally the payee is the person who receives the payment when the check has been cashed by the drawee bank. Drawer is the officer and drawee is the Bank who pays the amount.

The person who draws the cheque ie. Relationship between drawer and drawee. As nouns the difference between drawer and drawee is that drawer is an open-topped box that can be slid in and out of the cabinet that contains it used for storing clothing or other articles while drawee is legal the party directed to pay the amount of a draft or cheque.


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