Which of the Following Statements About Bank Bills Is Incorrect

Multiple Choice

Which of the following statements about bank bills is incorrect?

A) The drawer is the party that issues the bill.
B) The acceptor is the party that has primary liability to repay the face value of the bill.
C) The payee is the party that receives the borrowed funds when the bill is initially issued.
D) The discounter is the party that repays the acceptor at maturity.