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LSDefine

Simple English definitions for legal terms

drawee bank

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A quick definition of drawee bank:

A drawee bank is a type of bank that is responsible for paying the amount of a negotiable instrument, such as a check or draft, when it is presented for payment. This means that if someone writes a check to you, your bank is the drawee bank and is responsible for paying you the amount of the check. Drawee banks are also sometimes called payor banks.

A more thorough explanation:

A drawee bank is a financial institution that is asked to pay the amount of a negotiable instrument, such as a check or a draft. When the bank accepts, it becomes obliged to pay that amount. The drawee bank is also known as a payor bank.

For example, if you write a check to your friend, your friend's bank becomes the drawee bank. When your friend deposits the check, their bank becomes obliged to pay the amount written on the check to your friend.

Another example is when a company issues a draft to pay for goods or services. The bank that the company uses becomes the drawee bank. When the draft is presented for payment, the bank becomes obliged to pay the amount written on the draft.

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THATS SO FUNNY
i cant i would go crazy
JumpySubsequentDolphin
20:50
i need to know who decided to do that.
JumpySubsequentDolphin
20:50
omg im on a plane weeeee
the devil
youre on a plane??? LSD made the mile high club??
20:50
yo splitterus are you in school already
20:50
it says ur c/o 2027
JumpySubsequentDolphin
20:51
@SplitterusClitterus: HAHAH yes
ur user is hilarioussss and no i just graduated this may and am now applying ---also im out of messages so ill take a lil
20:52
roger dat. see u in heck
im back, r u applying this cycle too
JumpySubsequentDolphin
21:32
this child fell asleep on me
JumpySubsequentDolphin
21:32
im so uncomfortable
just push him off the entire seat
JumpySubsequentDolphin
21:34
LMAOOOO
JumpySubsequentDolphin
21:35
no he’s literally like 8 and he fully just put his head on my bicep and slept
JumpySubsequentDolphin
21:35
he has since moved
22:12
@SplitterusClitterus: me yesterday
gulc baby pls text me back... i miss you ...... :(
22:23
i just went into a discord vc and yelled "YALL I JUST GOT INTO J.M. SCHOOL OF LAW"
22:24
people were getting excited :sob:
22:25
then someone was like "what does jm stand for" and i was like .. well
AHHAHAHAHAHAHHAHAHAHAHAHAH
@JumpySubsequentDolphin: wait this is so cute, also where r u going
JOE MBIDEN
JumpySubsequentDolphin
22:39
@splitty Oregon!
oh yay for what thats so random
JumpySubsequentDolphin
22:45
haha my brother and sister in law live there
so cutie oregon is beatiful
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