Business Loans Advices

Posts Tagged ‘drawee’

Checks are securities and not a means of payment (not “cash”), because only the recipient creates an expectation of receiving the money.

The check is issued by a person for a particular recipient and contains an indication of payment. You will also need to have the drawee, who is the bank where the issuer has the money deposited.

The check is only legally valid if it has the word: check, date and place of issuance of the check, money order, the drawee (bank containing money to the issuer of the check) and to the drawer (issuer of a check). Read the rest of this entry »