Payable to Bearer

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 classic literature ?
The next thing was to get the money; and where do you think he carried us but to that place with the door?--whipped out a key, went in, and presently came back with the matter of ten pounds in gold and a cheque for the balance on Coutts's, drawn payable to bearer and signed with a name that I can't mention, though it's one of the points of my story, but it was a name at least very well known and often printed.
While explaining the term 'payable to bearer on demand' written on a banknote, it said that the banknote was legal tender and the bearer can exchange it with other legal tender banknotes and coins and it can also be used to purchase products or services of equivalent value.
The section 3 of the Public Debt Act, 1944 says the federal government can issue security through stock transferable by registration in the books of the bank, through a promissory note payable to order or a bearer bond payable to bearer or in a form prescribed in this behalf or notified by government from time to time.
It further states that the list of the restricted and prohibited items are any liquids, including alcohol beverages (beer, wine, spirits), collectable coins, bank notes, bank drafts or security of any kind payable to bearer, traveller's cheques, platinum, silver, gold, precious stones, jewellery, narcotics, explosives, flammable or any other dangerous substances.