FindLaw Legal Dictionary
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: a person holding a check, draft, or other negotiable instrument for payment esp. marked payable to bearer or having a blank endorsement
adj : freely transferable by the holder with or without endorsement and with full title passing by delivery to the transferee: as
a : not having a registered owner
b : not designating a specific payee [a instrument] [ checks] compare order
Source: Merriam-Webster's Dictionary of Law ©1996. Merriam-Webster, Incorporated. Published under license with Merriam-Webster, Incorporated.