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.