Section 7“Drawer” “Drawee” “Drawee in case of need” “Acceptor” “Acceptor for honour” “Payee”

s. 7

7. “Drawer” “Drawee” “Drawee in case of need” “Acceptor” “Acceptor for honour” “Payee” The maker of a bill of exchange or cheque is called the “drawer;” the person thereby directed to pay is called the “drawee.” When in the bill or in any indorsement thereon the name of any person is given in additional to the drawee to be resorted to in case of need, such person is called a “drawee in case of need.” After the drawee of a bill has signed his assent upon the bill, or, if there are more parts thereof than one, upon one of such parts, and delivered the same, or given notice of such signing to the holder or to some person on his behalf, he is called the “acceptor”. When a bill of exchange has been noted or protested for non-acceptance or for better security, and any person accepts it supra protest for honour of the drawer or of any one of the indorsers, such person is called an “acceptor for honour.” “Acceptor for honour” 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”. [“Holder”] “Payee” 8. The “holder” of a promissory note, bill of exchange or cheque means the payee or indorsee who is in possession of it or the bearer thereof but does not include a beneficial owner claiming through a benamidar. “Holder” Explanation - Where the note, bill or cheque is lost and not found again, or is destroyed, the person in possession of it or the bearer thereof at the time of such loss or destruction shall be deemed to continue to be its holder.