Question

A person to whom or as per his order, amount of bill is payable is a Payee. (State True or False)

Answer 1

TRUE..................
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Answer 2

Answer:

The given statement is true.

Explanation:

The payee is that party in the bill of exchange, which gets the money.

Besides payee, there are two more parties to the bill of exchange which are the drawer and the drawee.

The drawer is the person who draws the bill or the person who orders the drawee to pay a certain amount to the payee.

The drawee is that party to the bill upon whom the bill is drawn and he is liable to pay to the payee.