payee

Examples of payee in the following topics:

• Components of a Note

  • Payee-the payee is the party that holds the note and receives payment from the maker when the note is due.
  • The payee classifies the note as a note receivable.

• Notes Payable

  • A promissory note is a negotiable instrument, where one party (the maker or issuer) makes, under specific terms, an unconditional promise in writing to pay a determined sum of money to the other (the payee), either at a fixed or determinable future time or on demand by the payee.