Payable to Bearer

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Payable to Bearer

Describing a check or security containing no ownership information, for which the physical holder is therefore presumed to be the owner. One may cash a payable to bearer check at the bank on which the check is drawn, and may receive dividends or coupons on a bearer security by presenting it to the issuer.
References in periodicals archive ?
But in the United States and Canada, at least, although the "promise to pay" inscription was fairly common, the more common inscription (exhibited by considerably more than half of the pre-1860 commercial banknotes for sale on eBay) was "will pay"--for example, "The Spearsport Bank will pay Five Dollars to bearer on demand" or "The Bank of Montreal will pay to bearer on demand Ten Dollars.