Payee - Law Dictionary Search Results
Home Dictionary Name: payeePayee
Payee, means person named in a negotiable instru-ment, to whom or to whose order the money is, by the instrument, directed to be paid, Negotiable Instruments Act, 1881, s. 7.One to whom a bill of exchange or promissory note or cheque is made payable; he must be named or otherwise indicated therein, with reasonable certainty. The bill, note, or cheque may be made payable to one or more payees jointly, or in the alternative to one of two or one or some of several payees, or to the holder of an office for the time being; but where the payee is a fictitious or non-existing person, it may be treated as payable to bearer, Bills of Exchange Act, 1882, s. 7; and see Bank of England v. Vagliano, 1891 AC 107.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'. (Negotiable Instruments Act, 1881 (26 of 1881), s. 7)...
fictitious payee
fictitious payee : a person named as payee in an instrument who does not in fact exist or who does exist but to whom the maker of the instrument does not intend to convey any interest in the instrument ...
payee
payee : a person to whom money is to be or has been paid ;specif : the person named in a bill of exchange, note, or check as the one to whom the amount is directed to be paid compare drawee, drawer ...
Crossed cheques
Crossed cheques. It is very usual for the drawer of a cheque to write across it, between two parallel lines, the name of the payee's banker, in which case the banker on whom the cheque is drawn should only pay to that banker; in other cases, as when the drawer is unaware of the payee's banker, it is usual for himto write merelythe words 'and Co.,' leaving it to the payee to add the ename of his banker if the payee so intends, or if the parallel lines are left in blank except of the words 'and Co.' the cheque canonly be paid by the Bank on whom it is drawn to or through a Bank. This serves as some security in case the cheque is lost, since it can only be paid through a banker, and moreover postpones in some measure the payment until the clearing hours in the afternoon. See Bills of Exchange Act, 1882 (45 & 46 Vict. c. 50), ss. 76-80; and (English) Bills of Exchange (Crossed Cheques) Act, 1906 (6 Edw. 7, c. 17) passed in consequence of Capital and Counties Bank v. Gordon, 1903 AC 240), b...
endorse
endorse also in·dorse [in-dȯrs] vt en·dorsed also: in·dorsed en·dors·ing also: in·dors·ing [Anglo-French endosser endorser and Medieval Latin indorsare, both ultimately from Latin in on + dorsum back] 1 : to write on the back of ;esp : to sign one's name as payee on the back of (an instrument) in order to receive the cash or credit represented on the face [ a check] 2 : to inscribe (as one's signature or a notation accompanied by one's signature) on an instrument (as a note or bill) esp. to transfer or guarantee it 3 : to transfer (an instrument) to another by inscribing one's signature [assume that payee s a note to creditor as security for a debt "Uniform Commercial Code"] 4 : to inscribe (as an official document) with a notation (as of date or title) endorse in blank : to inscribe (an instrument) with a blank endorsement ...
Bill of Exchange
Bill of Exchange. Defined in the (English) Bills of Exchange Act, 1882 (45 & 46 Vict. c. 61), s. 3, as an 'unconditional order in writing, addressed by one person to another, signed by the person giving it, requiring the person to whom it is addressed to pay on demand or at a fixed or determinable future time a sum certain in money to or to the order of a specified person, or to bearer.'It is a chose in action, but, for the encouragement of commerce, it is assignable, at Common Law, by mere endorsement, so that very many names are frequently attached to one bill as endorsers, and each of them is liable to be sued upon the bill, if it be not paid in due time. the person who makes or draws the bill is called the drawer, he to whom it is addressed is, before acceptance, the drawee, and after accepting it, the acceptor; the person in whose favour it is drawn is the payee; if he endorse the bill to another, he is called the endorser, and the person to whom it is thus assigned or negotiated ...
Holder in due course
Holder in due course is 'a holder who has taken a bill of exchange [cheque or note], complete and regular on the face of it,' under the following conditions, namely:-(a) That he became the holder of it before it was overdue, and without notice that it had been previously dishonoured, if such was the fact.(b) That he took the bill [cheque or note] in good faith and for value, and that at the time it was negotiated to him he had no notice of any defect in the title of the person who negotiated it, Bills of Exchange Act, 1882 (45 & 46 Vict. c. 61), s. 29.A person who in good faith has given value for a negotiable instrument that is complete and regular on its face, is not overdue, and, to the possessor's knowledge has not been dishonoured, Black's Law Dictionary, 7th Edn.In R. E. Jones Ltd. v. Warning and Gillow Ltd., 1926 AC 670, it was held that the original payee of a cheque is not a holder in due course within the meaning of the Bill of Exchange Act, 1882.Means any person who for cons...
Promissory Note
Promissory Note, defined in the Bills of Exchange Act, 1882, s. 83, as 'an unconditional promise in writing, made by one person to another, signed, by the maker, engaging to pay on demand, or at a fixed or determinable future time, a sum certain in money to or to the order of a specified person or to bearer.' The note can require payment at a particular place, Josolyne v. Roberts, (1908) 2 KB 349. The person who makes the note is called the 'maker,' and the person to whom it is payable is called the 'payee': when it is negotiated by the indorsement of the payee, he is called the 'indorser,' and the person to whom the note is transferred is called the 'indorsee,' The Bills of Exchange Act, 1882, codifies the law relating to promissory notes, and by s. 89 of that Act all the provisions of the Act (with few exceptions) which relate to bills of exchange relate also to promissory notes. See BILL OF EXCHANGE.Means a promissory note as defined by the Negotiable Instrument Act, 1881. [Indian S...
Sets of Exchange, or of Bills
Sets of Exchange, or of Bills. It has been common, from a very early period, for the drawer to draw and deliver to the payee several parts, commonly called a set, of the same bill of exchange, any one part of which being paid, the others are void. This is done to obviate inconveniences from the mislaying or miscarriage of the bill, and to enable the holder to transmit the same by different conveyances to the drawee, so as to ensure the most speedy presentment for acceptance and payment. The general usage in England and America is for the drawer to deliver a set of three parts of a bill to the payee or holder, Byles on Bills.By the Bills of Exchange Act, 1882, s. 71, 'where a bill is drawn in a set, each part of the set being numbered and containing a reference to the other part, the whole of the parts constitute one bill....
Negotiable instruments
Negotiable instruments, those the right of action upon which is, by exception from the common rule, freely assignable from one to another, such as bills of exchange and promissory notes. Any person acquiring a negotiable instrument for value and in good faith can enforce the contract contained in it against the person liable on it, although the person from whom he has obtained it had no title. See also CHOSE.Promissory notes were made negotiable by 3 & 4 Anne, c. 9. and 7 Anne, c. 25, and placed in all respects upon the same footing with inland bills of exchange. [s. 13(1), Negotiable Instrument Act]The (English) Bills of Exchange Act, 1882, contains the law as to negotiation of bills of exchange, promissory notes, and cheques. S. 31 declares that these instruments are negotiated when they are transferred from one person to another in such a manner as to constitute the transferee the holder of them, and s. 32 enumerates the conditions under which an indorsement may operate as a negotia...
- << Prev.
- Next >>