Can Drawer And Drawee Be The Same Person?

Under which circumstances drawer and payee is same person?

When drawer held the bill till maturity , the drawer and the payee is same person..

What does Drawer mean?

noun. a sliding, lidless, horizontal compartment, as in a piece of furniture, that may be drawn out in order to gain access to it. drawers, (used with a plural verb) an undergarment, with legs, that covers the lower part of the body. a person or thing that draws.

What is the payee?

A payee is the person to whom a check, promissory note, draft or bill is written out. A payee may also be the one who holds the coupons of a bond. An example of a payee in a check is one whose name appears in the caption “Pay to the Order of” on most checks.

Who is a drawer and a drawee?

Drawee is a legal and banking term used to describe the party that has been directed by the depositor to pay a certain sum of money to the person presenting the check or draft. … The bank that cashes your check is the drawee, your employer who wrote the check is the drawer, and you are the payee.

What is relationship between drawer and drawee?

The maker of a bill of exchange or cheque is called the “drawer”; the person thereby directed to pay is called the “drawee”.

Who is drawer and drawee in 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’.

What is the meaning of drawer signature?

12 – Drawer’s signature differs – implies that the signature of the drawer of the cheque (i.e., the person who has given you the cheque) does not match with his signature which is on the record of the bank. Due to difference in signatures, the bank did not pass the cheque in your favour.

Is it a draw or a drawer?

Draw has many uses as a verb (e.g. to create a picture, move, or pull something) and as a noun (e.g. a lottery, a tie, or an attraction). Drawer is always a noun that refers to furniture or underpants.

Who is called drawer?

The maker of a bill of exchange or cheque is called the “drawer”; the person thereby directed to pay is called the “drawee”.