account payee

Also found in: Financial.

account payee

a crossing or direction on a BILL OF EXCHANGE that the drawee should credit funds only to the bank account of the payee. Before 1992 these words had no effect upon the ability of the instrument to be negotiated, but the law was changed making it impossible for the cheque to be transferred when the words ‘account payee’ are used.

Collins Dictionary of Law © W.J. Stewart, 2006

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cheque

References in periodicals archive ?

If a cheque is crossed and marked "account payee only", it must be paid into the account of the person to whom it is made out.

Banking cheques and their uses

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