Harvey loaned $450 to Chase and received a promissory note.Harvey is the:
A)maker.
B)drawee.
C)payee.
D)debtor.

Name: Harvey loaned $450 to Chase and received a promissory note.Harvey is the: A)maker. B)drawee. C)payee. D)debtor.
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Question

Quizplus · Accepted Answer

The payee is the person who receives payment on a promissory note, and in this scenario, Harvey received a promissory note after loaning $450 to Chase. Therefore, Harvey is the payee.

Harvey Loaned $450 to Chase and Received a Promissory Note