Encyclopedia

Trassat


Drawee - payer under a transferable bill of exchange (tratte). Indication of the drawee is a mandatory element of a transferable bill of exchange. The drawee becomes an obligor only after acceptance of the bill, by which they undertake to pay it within the established timeframe

Source: Letter from the Bank of Russia dated September 9, 1991 No. 14-3/30 "On banking operations with bills of exchange"

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