Payee 1 : A party named in an instrument as the beneficiary of the funds. Under letters of credit, the payee is either the drawer of the draft or a bank
US Department of Transportation, Maritime Administration, Glossary of Shipping Terms, Washington, DC, USA 2008. http://www.marad.dot.gov/documents/Glossary_final. pdf, (Mrtm - Amer) {572}
