Question

Which of the following is not a part to bill of exchange payee, signatory,drawee,drawer

Answer 1

Answer:

Signatory is not a part of Bill exchange.

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Answer 2

Signatory is not considered as party to any kind of Bill of Exchange.

Explanation:

A bill of exchange is a written order/document binding one or more than one parties to pay a fixed sum of money to another party either in lump-sum or over a period of time or on demand.

The following are considered as parties to a bill of exchange:

1) Drawee: Drawee is the party to a bill of exchange which pays the sum of           money stated in the bill of exchange(BOE).

2) Drawer: Drawer is that party to a bill of exchange which draws the bill or obliges the drawee to pay the sum of money stated in BOE to payee.

3) Payee: Payee is basically another term for Drawer.However,the person who is considered as payee will change if the drawer mentions the name of another person in the bill of exchange.