Source : Webster's Revised Unabridged Dictionary (1913)

Payee \Pay*ee"\, n.
   The person to whom money is to be, or has been, paid; the
   person named in a bill or note, to whom, or to whose order,
   the amount is promised or directed to be paid. See {Bill of
   exchange}, under {Bill}.

Source : WordNet®

payee
     n : a person to whom money is paid