A bill of exchange is signed by Adam, addressed to Peter and made payable to Paul, who indorses and delivers it to David. In this situation Paul is referred to as:

Name: A bill of exchange is signed by Adam, addressed to Peter and made payable to Paul, who indorses and delivers it to David. In this situation Paul is referred to as:
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Paul is the payee because the bill is made payable to him, and he is the indorser because he indorses and delivers the bill to David.

A Bill of Exchange Is Signed by Adam, Addressed to Peter