Examples from the Web for payee
For example, the payee writes across the back "Pay to the order of John Jones only."
But the insertion by the payee of the words "interest" after the making of a note by authority of maker will not vitiate it.Putnam's Handy Law Book for the Layman|Albert Sidney Bolles
That is a copy of the original money order message received in Fort Worth authorizing the payment of the money to the payee.Warren Commission (10 of 26): Hearings Vol. X (of 15)|The President's Commission on the Assassination of President Kennedy
He who is in legal possession of the bill and the obligation contained in it, is called the holder or the payee.
This is because the drawing of a check is not the assignment of so much money to the payee named in the check.