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3. The Holder: He may be either the payee or someone else to whom the promissory note has been endorsed. 4. The Endorser : When the holder transfers or endorses the instrument to any other person the holder becomes the Endorser. 5. The Endorsee : The person to whom the bill is endorsed is called the endorsee.
Parties to a cheque
1. The Drawee : He is the person who draws the cheque. 2. The Drawee : The banker on whom the cheque is drawn. 3. The Payee : The person to whom the amount of the bill is payable is called the payee. 4. The Holder : Holder of bill of exchange means any person who is legally entitled to the possession of it and to receive or recover the amount due thereon form the parties. He is either the payee or the endorsee. The finder of a lost bill payable to bearer or a person in wrongful possession of such instrument is not a holder. 5. The Endorser : When the holder transfers or endorses the instrument to any other person the holder becomes the Endorser. 6. The Endorsee : The person to whom the bill is endorsed is called the endorsee.