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Bills of Finance
What is a bill of exchange as defined under the Negotiable Instruments Act, 1881?
A bill of exchange is an unconditional order in writing, addressed by one person to another, signed by the person giving it, requiring the person to whom it is addressed to pay on demand or at a fixed or determinable future time a certain sum of money to or to the order of a specified person or to the bearer.
What is a 'drawee' in a bill of exchange?
The person on whom the bill is drawn and who must pay.
Who are the three parties to a bill of exchange?
The three parties are the Drawer (who draws the bill and is the creditor), the Drawee (on whom the bill is drawn and who is the debtor), and the Payee (who receives the payment, which may be the drawer himself).
What is a 'drawer' in the context of a bill of exchange?
The person who draws or creates the bill of exchange.
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