320-A. The person or office that draws (i.e., issues or grants) a Draft is called the drawer, the person or office on which it is drawn and by which it is payable is called the drawee, the person or party to whom a Draft is granted is called the remitter and the person or party to whom it is payable is the payee.
320-B. A Draft on Government account is not transferable and is only payable to or on the receipt of the person named therein as the payee or his lawful agent. All other Drafts, unless the contrary intention appears from the form itself are transferable, the original payee being entitled to transfer his right by endorsement. This he may do by simply signing his name on the back, in which case it becomes payable to bearer, or he may write above his signature, "Pay to C.D." or "Pay to C.D. or order" in which case C.D. stands in the same position as the original payee did originally and has the same power of transfer. The writing by which such a right is transferred is called an endorsement, the endorsement to "C.D. or order" is a special endorsement, and the persons to whom a Draft is successively transferred are endorsees, and the person in rightful possession of a Draft is the holder.