20:59
got a random stanford email and almost had a heart attack
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LSDefine
Simple English definitions for legal terms
payer
Read a random definition: incarceration
A quick definition of payer:
A payer is someone who pays for something. This can be a person who is responsible for paying a bill or a negotiable instrument. Another word for payer is payor. The term drawee is also related to payer, as it refers to the person who is expected to pay a check or other financial instrument.
A more thorough explanation:
Definition: Payer refers to a person or entity who is responsible for making a payment, especially for a negotiable instrument.
Example: If you have health insurance, your insurance company is the payer for your medical bills. Similarly, if you write a check, the person or organization who receives the check is the payee, and the bank or financial institution that processes the payment is the payer.
The examples illustrate that a payer is someone who is responsible for making a payment, whether it is for medical bills or a check. The payer is the one who is obligated to provide the funds for the payment to be made.