Bill of Exchange
Section 5 of the NI act defines a bill of exchange as an instrument inwriting containing an unconditional order signed by its maker / drawerdirecting the drawee to pay a sum of money to the payee or his order orthe bearer of the instrument.
The maker of the bill is the drawer / creditor / seller.
The person who is liable to make the payment is the drawee / debtor /buyer
The person who entitled to receive the payment is the payee.
When the bill is assigned to a 3
party, the assignee becomes the creditorand the drawer becomes liable to the assignee if the drawee defaults inpayment.