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term:
Payee
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payee n
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: a person to whom money is to be or has been paid
;specif
: the person named in a bill of exchange, note, or check as the one to whom the amount is directed to be paid compare drawee, drawer
Source: Merriam-Webster's Dictionary of Law ©1996. Merriam-Webster, Incorporated. Published under license with Merriam-Webster, Incorporated.