- The person in possession of an instrument, document of title, or security payable to bearer or indorsed in blank. U.C.C. No. 1-201(5). When a check, note, draft, etc., is payable to "bearer," it imports that such shall be payable to any person who may present the instrument for payment.See also payable to bearer@ bearer bondBonds payable to the person having possession of them. Such bonds do not require endorsement to transfer ownership but only the transfer of possession@ bearer documentA document that runs to bearer upon issuance or after a blank indorsement, and that is negotiated by delivery alone. U.C.C. No.No. 7-501(1) & (2Xa). Anyone in possession of a bearer document is a holder of it. U.C.C. No. 1-201(20)@ bearer instrumentAn instrument is payable to bearer when by its terms it is payable to(a) bearer or the order of bearer; or(b) a specified person or bearer; or(c) "cash" or the order of "cash", or any other indication which does not purport to designate a" specific payee. U.C.C. No.No. 3-111, 3-204(2)@ bearer paperCommercial paper payable to bearer; i.e. to the person having possession of such.See bearer document- bearer instrument@ bearer securityA security whose owner is not registered on the books of the issuer. Such security is payable to the holder.See e.g., bearer bond@
Black's law dictionary. HENRY CAMPBELL BLACK, M. A.. 1990.