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 in thebill or in any indorsement thereon the name of any person is given in additionto the drawee to be resorted to in case of need such personis called a "drawee in case of need".
"acceptor".--After thedrawee of abill has signed his assent upon the bill, or, if there are more partsthereof than one, upon one of such parts, and delivered the same, or givennotice of such signing to the holder or to some person onhis behalf,he is called the "acceptor".
"acceptor for honour".--1 [When a bill of exchangehas been noted or protested for non-acceptance or for better security], ana anyperson accepts it supra protest forhonour of the drawer or of any one of the indorsers, such person iscalled an "acceptor for honour".
"Payee".--The person named in theinstrument, to whom or to whose order the money is by theinstrument directed to be paid, is called the "payee".
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1.Substituted by Act 2 of 1885, sec. 2, for "Whenacceptance is refused and the bill is protested for non-acceptance".