bearer

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Bearer

One who is the holder or possessor of an instrument that is negotiable—for example, a check, a draft, or a note—and upon which a specific payee is not designated.

A negotiable instrument that is payable to "bearer" or to "cash" or to "the order of cash," that is, not naming a payee, is a bearer instrument, and is called "bearer" paper.

bearer

n. anyone holding something, such as a check, promissory note, bank draft, or bond. This becomes important when the document (generally called a "negotiable instrument") states it is "payable to bearer," which means whoever holds this paper it can receive the funds due on it.

bearer

the person holding. Where a BILL OF EXCHANGE or a security is made payable ‘to bearer’, anyone who presents the bill or security may claim payment; in the case of a transfer, indorsement is not necessary. A bearer bill (of exchange) is therefore one made out to the bearer.

BEARER. One who bears or carries a thing.
     2. If a bill or note be made payable to bearer, it will pass by delivery only, without endorsement; and whoever fairly acquires a right to it, may maintain an action against the drawer or acceptor.
     3. It has been decided that the bearer of a bank note, payable to bearer, is not an assignee of a chose in action within the 11th section of the judiciary act of, 1789, c. 20, limiting the jurisdiction of the circuit court. 3 Mason, R. 308.
     4. Bills payable to bearer are contra-distinguished from those payable to order, which can be transferred only by endorsement and delivery.
     5. Bills payable to fictitious payees, are considered as bills payable to, bearer.

References in classic literature ?
The bear would have liked to go at once, but the wolf held him back by the sleeve, and said: 'No, you must wait until the lord and lady Queen have gone away again.' So they took stock of the hole where the nest lay, and trotted away.
His very next trip he killed a young bear, nearly full-grown, and on the trip following, a large male bear and his mate.
"I KNOW he is," said Zeb; "but no bear can catch him if he keeps up that gait--and the harness or the buggy don't break."
The hunter of the grizzly bear, however, must be an experienced hand, and know where to aim at a vital part; for of all quadrupeds, he is the most difficult to be killed.
The bear was walking softly on, and offered to meddle with nobody, till Friday coming pretty near, calls to him, as if the bear could understand him.
But the Showman passed on, in maiden meditation, fancy free, and being joined soon afterward by the Bear, who was absently picking his teeth, it was inferred that they were not unacquainted.
Then the First and Foremost, who had resumed his hairy body and bear head, turned to the Nome and asked
"Well," continued the Tin Woodman, "the old woman had an idea that the Powder in the bottle must be moth-powder, because it smelled something like moth-powder; so one day she sprinkled it on her bear rug to keep the moths out of it.
"Yes, Lovey, a Bear: but not without a head, I hope!
I re-turned to the point at which the bear had hurled me down and peered over the edge of the cliff into the abyss below.
But for myself, O never let my Thebes, The city of my sires, be doomed to bear The burden of my presence while I live.
But when she was about to bear Zeus, the father of gods and men, then she besought her own dear parents, Earth and starry Heaven, to devise some plan with her that the birth of her dear child might be concealed, and that retribution might overtake great, crafty Cronos for his own father and also for the children whom he had swallowed down.