Fact Pattern 24-1B
Dominion Sales Ltd.in Canada and Eagle Buying Company in the United States enter a contract for a sale of forestry products.Dominion draws a draft unconditionally ordering Great Federal Bank,Eagle's bank,to pay $60,000 to Dominion's order in sixty days.Eagle signs and dates the draft.
-Refer to Fact Pattern 24-1B.With respect to this instrument,Dominion is
A)the banker.
B)the maker.
C)the payee.
D)the trader.

Question

Fact Pattern 24-1B 
Dominion Sales Ltd.in Canada and Eagle Buying Company in the United States enter a contract for a sale of forestry products.Dominion draws a draft unconditionally ordering Great Federal Bank,Eagle's bank,to pay $60,000 to Dominion's order in sixty days.Eagle signs and dates the draft.
-Refer to Fact Pattern 24-1B.With respect to this instrument,Dominion is
A)the banker.
B)the maker.
C)the payee.
D)the trader.

Quizplus · Accepted Answer

Dominion is the payee because they are the ones who will receive the payment from Great Federal Bank.