Difference Between Drawer Drawee And Payee. Apr 03 2021 0628 AM. In a promissory note there is a promise to pay.
Alternative forms qualifier acceptour Noun One who accepts. Related terms drawer acceptor. Legal The party directed to pay the amount of a draft or cheque.
A drawer is a person who draws a cheque in favour of someone.
Payee is the person whose name is written on the promissory note or bill of exchange or cheque. And the amount has to be paid to the payee. This is the debtor or buyer on whom the bill is drawn and who is obligated to honor the bill. In promissory note there are two parties- the maker and the payee.
