7. Drawer, drawee
.- The maker of a bill of exchange or cheque is called
the drawer; the person thereby directed to pay is called the
drawee.
Drawee in case of need : When the bill or in any
endorsement thereon the name of any person is given in addition
to the drawee to be resorted to in case of need, such person
is called a drawee in case of need.
Acceptor: After the drawee of a bill has signed his
assent upon the bill, or, if there are more parts thereof
than one, upon one of such parts, and delivered the same,
or given notice of such signing to the holder or to some person
on his behalf, he is called the “acceptor”.
Acceptor for honour: When a bill of exchange has
been noted or protested for non-acceptance or for better security,
and any person accepts it supra protest for honour of the
drawer or of any one of the endorser, such person is called
an acceptor for honour.
Payee : The person named in the instrument, to whom
or to whose order the money is by the instrument directed
to be paid, is called the payee.
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