12:27
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LSDefine
Simple English definitions for legal terms
payee
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A quick definition of payee:
Term: Payee
Definition: The payee is the person or company who receives a payment. This can be a person who a check is written out to or a company that is being paid for a service or product. For example, if you write a check to your landlord for rent, your landlord is the payee. It's like giving someone money for something they did or provided.
A more thorough explanation:
A payee is a person or company who receives a payment. This can be in the form of a check, promissory note, or bill of exchange.
For example, when you write a check, the person or company you make the check out to is the payee. If you're paying your electricity bill, the utility company is the payee.
Another example could be if you borrow money from a friend and promise to pay them back. In this case, your friend is the payee because they are the one receiving the payment.
Overall, a payee is simply the person or company who is getting paid.