payor bank

A bank that is asked to pay the amount of a negotiable instrument and, on the bank’s acceptance, is obliged to pay that amount; a bank by which an item is payable as drawn or accepted.

• Because the bank is the drawee of a draft, it is also termed a drawee bank. UCC § 4-105(3). [Cases: Banks and Banking 137, 158. C.J.S. Banks and Banking §§ 322, 328, 330, 383, 395–397, 399, 402, 404.]

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词条贡献者

资深译员Lorna，毕业于一所培养高级翻译以及跨文化事务专家的精英大学，专注翻译各种与房地产投资信托有关的法律文件。