Vietnam or Thailand ? Vote for the TOP Country of the Week !
Updated: May 20, 2025
But payment must be demanded on the last day of grace; and, if refused, notice of non-payment must be given to the drawer, as in the case of an indorsed promissory note. No precise time is fixed by law at which bills payable at sight or a certain number of days after sight, must be presented to the drawee for acceptance; though an unreasonable delay might discharge the drawer.
In the final settlement, he drew on three different banks, and one draft of twenty-eight thousand dollars came back, indorsed, DRAWEE UNKNOWN. I had other herds on the trail to look after, and it was a month before I found out that the check was bogus, by which time Honest John had sailed for Europe. There was nothing could be done but put my claim into a judgment and lay for him.
It is not a direct promise to pay; but it is an undertaking, by the drawer, that the drawee shall accept and pay; and the drawer is answerable only when the drawee fails to pay. A check payable to bearer passes by delivery; and the bearer may sue on it as on an inland bill of exchange.
If, when a bill is presented to the drawee, he agrees to pay it, he is said to accept the bill, and writes his acceptance upon it. An acceptance may, however, be by parol. The acceptor of a bill is the principal debtor; the drawer, the surety. The acceptor is bound, though he accepted without consideration, and for the sole accommodation of the drawer.
These clerks have not only to scrutinize the signatures both of drawer and drawee, but also examine the "filling-in," the latter being just as important, perhaps more so from a monetary point of view, as the signatures.
You have kept them up till Dr. Franklin, the last of them, has returned to America; you must therefore send them there, and they will be paid. I am not the drawee described in the bill. It is impossible for me to meddle with these bills. The gentlemen who had been familiar with them, from the beginning, who kept books of them, and knew well the form of these books, often paid bills twice.
B, to whom it is addressed, is the drawee; C, to whom it is made payable, is the payee. As the bill is payable to C, or his order, he may, by indorsment, direct the bill to be paid to D; in which case C becomes the indorser, and D, to whom the bill is indorsed, is called the indorsee or holder.
A draft is a written order from the first party to the second party to pay to the third party a certain sum of money at a certain time. The first party is called the "drawer." The second party is the "drawee." The third party is the "payee." There are two kinds of draft.
Word Of The Day
Others Looking