law: Negotiable Instruments Act, 1881 
  7. "Drawer", "drawee" 
  The maker of a bill of exchange or cheque is called the
  
  "drawer"; the person thereby directed to pay is called the
  
  "drawee".
  "Drawee in case of need": When the bill or in any
  
  endorsement thereon the name of any person is given in addition to the drawee
  
  to be resorted to in case of need, such person is called a "drawee in case
  
  of need".
  "Acceptor": After the drawee of a bill has signed his
  
  assent upon the bill, or, if there are more parts thereof than one, upon one of
  
  such parts, and delivered the same, or given notice of such signing to the
  
  holder or to some person on his behalf, he is called the "acceptor".
  "Acceptor for honor" : 8[When a bill of exchange has
  
  been noted or protested for non-acceptance or for better security], and any
  
  person accepts it supra protest for honor of the drawer or of any one of the
  
  endorser, such person is called an "acceptor for honor".
  "Payee" : The person named in the instrument, to whom
  
  or to whose order the money is by the instrument directed to be paid, is called
  
  the "payee".