Legal Definitions - latori praesentium

latori praesentium is a Latin phrase originating from Scots law, which translates to "to the bearer of these presents."

This term historically referred to documents, particularly financial instruments like promissory notes or bonds, that were payable or enforceable by whoever physically possessed them, rather than a specifically named individual or entity. It signified that the rights conveyed by the document belonged to its current physical holder, making the instrument easily transferable by simple delivery.

Here are some examples illustrating the application of latori praesentium:

• 19th-Century Promissory Note: Imagine a Scottish merchant in the 1800s who needed to borrow money quickly. He might issue a promissory note stating, "I promise to pay the sum of fifty pounds sterling latori praesentium on demand."

  This illustrates the term because the note did not name a specific lender. Instead, whoever physically held the note and presented it to the merchant was entitled to receive the fifty pounds. This allowed the note to be easily transferred between individuals without needing formal endorsements or changes to the document itself.

• Early Form of a Bearer Bond: In the past, some companies or governments might have issued bonds where the principal amount and interest payments were declared payable "to the bearer of this bond" or, in a Scottish context, "latori praesentium."

  This demonstrates the concept as the bond's ownership was tied solely to its physical possession. The person holding the bond certificate was considered its legal owner and could claim the interest payments and the principal amount at maturity, without their name ever appearing on a register.

• Historical Order for Goods: Consider a wealthy landowner in 18th-century Scotland who wished to grant a servant or tenant access to provisions from his estate store. He might write a simple order stating, "Deliver to latori praesentium one sack of oats from the granary."

  This example shows how the phrase indicated that whoever presented the written order was authorized to receive the oats. The landowner didn't need to name the specific servant; the physical presentation of the document was sufficient proof of entitlement.