Who Is A Drawer In A Cheque

Parties to regular cheques generally include a drawer the depositor writing a cheque. Answer 1 of 2. 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.

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The drawer is the individual who issues the cheque instructing the bank drawee to pay the recipient payee.

Who is a drawer in a cheque. And a payee the entity to whom the drawer issues the cheque. In the above example if the company drawer orders cheque in his own name in favor of himself then company will be drawer and payee both because money will be debited from company s account and will be paid to company itself. Cross references commercial paper. Drawer and payee can be the same person if it is a self cheque.

Let me know the meaning of drawer drawee and payee of the cheque. The drawer of a cheque is the person who owns the bank account and writes a cheque. Cheques are some of the most important and common forms of negotiable instruments the negotiable instruments act 1881 defines and regulates cheques. The drawer drafts or draws a cheque which is also called cutting a cheque especially in the us.

Apart from drawers and drawees parties to a cheque include payees holders endorsers and endorsees. Maker or writer of a bill of exchange check draft letter of credit etc who directs the drawee such as a bank to pay the stated amount to a third party the payee. Answer aadi drawer it is the party who draws the bill drawer must be the creditor he may either be a seller of goods or lender of money. A drawee the financial institution where the cheque can be presented for payment.

Almost all large business transactions these days make use of cheques instead of cash. Drawer and payee can be the same person if it is a self cheque. The drawer is the individual who issues the cheque instructing the bank drawee to pay the recipient payee. In documentary credit the drawer is the beneficiary of a letter of credit.