13. The main difference between a Bill of Exchange and an ordinary cheque (which, in fact, is a form of a Bill of Exchange) is the following: a. Cheques are drawn on banks, but bills of exchange are drawn against creditors The Drawee can never refuse a Bill of Exchange The Payee named on a cheque can never be the drawer The holder in due course of a fraudulently negotiated cheque has greater rights than s/he would have were the negotiable instrument a bill of exchange. snsr