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A creditor is an entity or person that lends money or extends credit to another party. A debtor is an entity or person that owes money to another party.

A bill of exchange is generally drawn by the creditor upon his debtor. It has to be accepted by the drawee (debtor) or someone on his behalf. It is just a draft till its acceptance is made.

In this contract the goods are transferred from one person to another in exchange for money, the main motive behind the making of such a contract is to transfer the rightful ownership and possession from the seller to the buyer, so this element will lay down the groundwork for the making of a contract.

As a normal practice, a drawer may accept the bill drawn by his creditor but some time instead of accepting a fresh bill, the drawer may endorse his bills receivable. In such case endorsee will be the owner of that bill and he will realize the payment on due date.

Title To Goods Definition The term ?title to goods? refers to the right of one person to possess and use property that is jointly owned with another person. The title holder has the right to exclude others from using the property and to sell or dispose of their interest in the property.

Endorsement of the bill implies the procedure by which the maker or holder of bill transfers the title of the bill in assistance of his/her creditors. The individual transferring the title is called ?Endorser? and the individual to whom the bill is exchanged called ?Endorsee?.

When a bill of exchange is signed for the purpose of transferring it to another person, then it is termed as an endorsement of a bill of exchange. As and when debtor signs the bill and transfers it to his/her creditor, the endorsee (creditor) becomes entitled to receive the payment.