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of <h1>Key Terms in Negotiable Instruments Act: Drawer, Drawee, Acceptor, and Payee Explained</h1> The Negotiable Instruments Act, 1881, defines key terms related to bills of exchange and cheques. A 'drawer' is the maker of the bill or cheque, while the 'drawee' is directed to pay. A 'drawee in case of need' is an additional person named to be resorted to if necessary. An 'acceptor' is a drawee who has signed assent on the bill, and an 'acceptor for honour' accepts the bill after it has been protested for non-acceptance. The 'payee' is the person to whom the payment is directed by the instrument.
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