The Collaborative International Dictionary of English v.0.48:

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.
   [1913 Webster]

WordNet (r) 3.0 (2006):

payee
    n 1: a person to whom money is paid

Moby Thesaurus II by Grady Ward, 1.0:

20 Moby Thesaurus words for "payee":
   accepter, acquirer, addressee, audience, auditor, beholder,
   consignee, getter, hearer, holder, listener, looker, obtainer,
   procurer, receiver, recipient, spectator, taker, trustee, viewer



Bouvier's Law Dictionary, Revised 6th Ed (1856):

PAYEE. The person in whose favor a bill of exchange is made payable. Vide
Bills of Exchange.