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Bearer

instrument cash payee

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.

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