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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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lilypadfrog
14:43
@ChowieBean: end of nov
i applied nov. 15 lily
or 12th
renard99
14:43
Also Jack ik you and I haven't talked in a bit but we have similar stats, backgrounds, WE. If you ever want solace in this messy process text me on Discord
14:44
im still in the queue to be reviewed for penn so
lilypadfrog
14:44
@SplitterusClitterus: I applied like two weeks later. It was one of my last apps
jackfrost11770
14:44
I mean I think you're more likely to get WL than R at UPenn lmao, I'm taking it as an R whatever
ReminiscentZestyFish
14:45
Tru
GreyCeaselessMammoth
14:45
notHim at it again
14:45
notHim is a born WINNER
14:47
ya i basically have penn r
Trismegistus
14:48
how would you know
14:48
uh wdym. i didnt get penn A or penn WL
jackfrost11770
14:48
Check substatus, it's not an update. I didn't even notice it at first
14:48
Substatus?
14:48
i cant get into my penn rn so im just assuming
14:48
same @Eggan
cumsock
14:49
carole baskin sold all her land
14:49
If it says under committee review I’m still alive right
cumsock
14:49
for 20 million fuckin dollars
Trismegistus
14:49
that's what mine saying @sadpadresfan
14:50
ya im on the plane so it wont let me log into lsac for some readon
14:50
for another 2 hours
lilypadfrog
14:50
im out here in miamiiiii
14:50
Whoa someone got Penn WL but Harvard A earlier what the heck
Trismegistus
14:50
happens all the time
14:51
I stg every time I see you that Jorge Ben song starts playing in my head again
Trismegistus
14:51
LOL
jackfrost11770
14:53
Egg not necessarily, I didn't get an email. It just says waitlist in application status which is mad annoying lol. At least tell us what you want like a LOCI or anything
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