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Simple English definitions for legal terms
bearer document
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A quick definition of bearer document:
A bearer document is a type of paper that can be transferred to anyone who holds it. It can be a written or printed document that shows evidence of a debt or payment. Bearer documents are different from order documents, which can only be transferred to a specific person. Banks often accept bearer documents as cash, and they are commonly used in commercial transactions.
A more thorough explanation:
A bearer document is a written or printed instrument that is payable to the person who holds it, rather than to a specific person. It is also known as bearer paper. This type of document can be negotiated simply by delivering it to a transferee.
Examples of bearer documents include bank bills, drafts, and other instruments received as cash by banks. Another example is a short-term unsecured promissory note, usually issued and sold by one company to meet another company's immediate cash needs.
These examples illustrate the definition of bearer documents because they are payable to whoever holds them, rather than to a specific person. This means that they can be easily transferred from one person to another by simply delivering the document to the new owner.