Legal Dictionary of Pakistan
Quick lookup for English, Urdu, and Latin legal terms used in Pakistani jurisprudence.
Payee
One to whom money is paid or payable; esp., a party named in commercial paper as the recipient of the payment. payer. See PAYOR.
fictitious-payee rule
Commercial law. The principle that if a drawer or maker issues commercial paper to a payee whom the drawer or maker does not actually intend to have any interest in the instrument, an ensuing forgery of the payee's name will be effective to pass good title to later transferees. - Also termed padded payroll rule. fictitious person. See artificial person under PERSON.
loss payee
A person or entity named in an insurance policy (under a loss-payable clause) to be paid if the insured property suffers a loss.
nominal-payee rule
Commercial law. The rule that validates any person's indbrsement of an instrument (such as a check) when the instrument's drawer intended for the payee to have no interest in the instrument. UCC ยง 3-404(b).