Can Drawee and Payee Be the Same Person?
When Can Drawee and Payee Be the Same Person? Drawee and Payee Will Be the Same Person in Bill of Exchange in Which the Drawer Issues Cheque to Drawee in...
When can Drawee and Payee be the same person? Drawee and Payee will be the same person in Bill of exchange in which the Drawer issues Cheque to Drawee in favour of Drawee. In the above example, if Company issues Cheque to Bank “in favor of same Bank”, then Drawee and Payee will be the same, i.e. Bank.
Can drawer and payee be the same person?
Drawer and payee is the same person in this case. Bill of exchange payable to drawer's order is a bill of exchange where the drawer orders to himself to pay to a payee. Drawer and drawee is the same person here. To get a direct debtor, the bill of exchange has to bear an acceptation by the drawee.
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Who is the drawer and drawee?
The maker of a bill of exchange or cheque is called the "drawer"; the person thereby directed to pay is called the "drawee".
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