The Payee is the party to whom the promissory note is payable.
A promissory note is, as its name suggests, essentially a written promise to pay money to someone else. The promise-maker is referred to as the payer, while the recipient of the payment is referred to as the payee. Because it is issued by a bank and is payable to the bearer upon demand, a banknote is frequently referred to as a promissory note. Mortgage notes are another another well-known illustration. There are three main stakeholders to all promissory notes. These examples include the drawee, drawer, and payee. Drawer: A drawer is a party who promises to give the drawee a specific sum of money when the promissory note matures. Another name for him or her is maker.
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