Definition of drawer: 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). Drawer. A person who orders a bank to withdraw money from an account to pay a designated person a specific sum according to the term of a bill, a check, or a draft. If a cheque is refused at the drawee bank (or the drawee bank returns the cheque to the bank that it was deposited at) because there are insufficient funds for the cheque to clear, it is said that the cheque has been dishonoured.
Drawee definition, a person on whom an order, draft, or bill of exchange is drawn. The four forms are so printed that the date, name of the bank, amount, and name and address of the drawee register perfectly. Drawee: The person (or bank) who is expected to pay a check or draft when it is presented for payment. On the back of my banks paying in slip it says. There’s space to enter details of each cheque, but what do I put in the Name of drawer box? Is it simply the name of the company or individual who has signed the cheque?.
The bank acts as an agent for the customer. Collection occurs when the drawee bank (the bank ordered by the check to make payment) takes funds from the account of the drawer (its customer who has written the check) and presents it to the collecting bank. (a) In this Article: (1) Acceptor means a drawee who has accepted a draft. In the case of a bank that takes an instrument for processing for collection or payment by automated means, reasonable commercial standards do not require the bank to examine the instrument if the failure to examine does not violate the bank’s prescribed procedures and the bank’s procedures do not vary unreasonably from general banking usage not disapproved by this Article or Article 4. A request by a bank that the payee consult the drawer concerning a cheque payable by that bank (usually because the drawer has insufficient funds in his account), payment being suspended in the meantime.
Before a drawee bank agrees to accept a loss in connection with an alteration, it should first examine all the defenses to alteration liability that might be available to it. Legal Question & Answers in Banking Law in India: refer to drawer what is the exact meaning of ” Refer to Drawer” mentioned the. Drawee is the party upon whom the cheque is drawn. Drawee is the bank. It is the party to whom the drawer gives order to pay the amount to the person named on the cheque or his order to the bearer. But what does the two terms cheque and demand draft means? Required (banking) abbreviated? DAR stands for Drawer’s Attention Required (banking). DAR is defined as Drawer’s Attention Required (banking) very rarely.