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Topic: Bearer instrument

	ShanghaiTown -- Living and Working in Shanghai
		Article 16 The procedure by which the bearer of the instrument exercises his rights or preserves his rights against the debtor shall be carried out in the business premises of the party concerned during business hours or at their place of residence if no business premises exist.
		The rights of the bearer of the instrument over the issuer and the acceptor of the instrument cease to be valid two years after the date of maturity of the instrument.
		The bearer must prove his rights to the bill by an uninterrupted series of endorsement; a person to whom a bill is transferred by means other than endorsement or who acquires a bill by other legal means shall provide evidence in accordance with the law showing his rights to the bill.
	shanghaitown.online.sh.cn /EasySh/easySh_view.asp?did=2577&F_id=372 (6582 words)

	NCCUSL Header
		A negotiable instrument (note or draft) is simply one that a person, called a "holder in due course," who is not one of the persons who created the instrument originally, may negotiate or transfer to another person without difficulty, and who has the power, also, to enforce the instrument according to its terms.
		He or she does so by taking the instrument in good faith from a prior holder for value without knowledge of any defects in the instrument, of any claims against the instrument, or of any defenses that may be asserted against its payment.
		Instruments with variable rates of interest cannot be negotiable instruments with the sum certain requirement, and such instruments should be negotiable instruments.
	www.nccusl.org /nccusl/uniformact_summaries/uniformacts-s-uccra3ni.asp (2481 words)

	Commercial Paper
		In the event that an instrument is either antedated or postdated, the determination of the date on which it becomes legally operative is contingent upon the date that appears on its face and upon whether it is payable on demand or on a certain date.
		An instrument is bearer paper, however, when it is made payable to a specific payee and the words "or bearer" are either typed or handwritten on the document as additions to it.
		A holder is an individual who is in possession of an instrument that is either payable to him or her as the payee, endorsed to him or her, or payable to the bearer.
	legal-definitions.info /commercial-paper (5328 words)

	FindLaw for Legal Professionals - Case Law, Federal and State Resources, Forms, and Code
		Instruments payable on demand include those payable at sight or on presentation and those in which no time for payment is stated.
		An instrument is payable to bearer when by its terms it is payable to (a) bearer or the order of bearer; or (b) a specified person or bearer; or (c) "cash" or the order of "cash", or any other indication which does not purport to designate a specific payee.
		An instrument which states that it is "payable through" a bank or the like designates that bank as a collecting bank to make presentment but does not of itself authorize the bank to pay the instrument.
	caselaw.lp.findlaw.com /nycodes/c122/a20.html (1277 words)

	Bearer Shares
		To protect against theft and fraud, corporations starting keeping a register of the owners of the bearer shares which were issued, and notice had to be sent to the secretary of the corporation to record the change in ownership.
		The first horrible tax trap for bearer shares is the IRS's ability to make a jeopardy assessment that the entire value of a bearer instrument is income, if the IRS catches you in possession of the instrument and you have denied ownership.
		Because of their primary uses for money laundering and tax evasion, nearly all jurisdictions have abolished bearer shares in favor of registered shares, the ownership of which are recorded on the company's books so that physical issuance of the shares is in many ways superfluous.
	www.quatloos.com /bearer_shares.htm (1425 words)

	Converted WP file /web/download/n/opinion/Holding/01ca-007
		A bearer instrument refers to an instrument that is payable to anyone possessing the instrument and is negotiable by transfer alone.
		We discern from the Comment that the addition of an identified payee to a check that is otherwise a bearer instrument is insufficient to transform the legal effect of the check because it is still a bearer instrument and a transferee of the check is able to rely on the bearer term.
		Their presence upon the face of an instrument signifies the particular legal status of that instrument; namely, that the instrument is payable to anyone bearing it.
	www.supremecourt.nm.org /pastopinion/VIEW/01ca-007.html (1865 words)

	Finance Act 1999
		In the case of an instrument given in substitution for a like instrument stamped ad valorem (whether under this Schedule or not) the duty is £5.
		In this Schedule a "deposit certificate" means an instrument acknowledging the deposit of stock and entitling the bearer to rights (whether expressed as units or otherwise) in or in relation to the stock deposited or equivalent stock.
		Where the capital stock of a company is not expressed in terms of any currency, it shall be treated for the purposes of paragraph 17 as expressed in the currency of the territory under the law of which the company is formed or established.
	www.opsi.gov.uk /ACTS/acts1999/90016--w.htm (2061 words)

	Uniform Commercial Code - Article 3
		If an action to enforce the instrument is brought against a person as the undisclosed principal of a person who signed the instrument as a party to the instrument, the plaintiff has the burden of establishing that the defendant is liable on the instrument as a represented person under Section 3-402(a).
		An instrument is also converted if it is taken by transfer, other than a negotiation, from a person not entitled to enforce the instrument or a bank makes or obtains payment with respect to the instrument for a person not entitled to enforce the instrument or receive payment.
		An action for conversion of an instrument may not be brought by (i) the issuer or acceptor of the instrument or (ii) a payee or indorsee who did not receive delivery of the instrument either directly or through delivery to an agent or a co-payee.
	www.law.cornell.edu /ucc/3/article3.htm (9341 words)

	Lecture Notes — Ch. 23
		An instrument that does not meet these requirements is not a negotiable instrument and is subject to contract law.
		A bearer instrument is payable to anyone in physical possession of the instrument who presents it for payment when it is due.
		Instruments can be converted from order paper to bearer paper, and vice versa, many times until the instrument is paid.
	myphliputil.pearsoncmg.com /student/bp_cheeseman_blaw_5/lec_23.html (1776 words)

	S 2778 SUBSTITUTE A
		Instruments payable at bank -- A note or acceptance which states that it is payable at a bank is the equivalent of a draft drawn on the bank payable when it falls due out of any funds of the maker or acceptor in current account or otherwise available for such payment.
		If the instrument is dishonored, action may be maintained on either the instrument or the obligation; discharge of the underlying obligor on the instrument also discharges him or her on the obligation.
		An instrument that is conditionally issued or is issued for a special purpose is binding on the maker or drawer, but failure of the condition or special purpose to be fulfilled is a defense.
	www.rilin.state.ri.us /BillText00/SenateText00/S2778a.htm (16289 words)

	[No title]
		If an instrument is to be negotiable, the amount must be certain, or capable of being made certain by calculation, for example by multiplying the principal amount of a promissory note by its stated interest rate.
		When an instrument is payable on demand, it means that the person to whom the instrument was made payable (the payee) may demand payment at any time, even one minute after he or she is given the instrument.
		Generally, all parties to a negotiable instrument are discharged or relieved from liability when the person who is primarily liable on it pays the amount in full to a holder of the instrument.
	www93.homepage.villanova.edu /michael.walsh/compap.html (3307 words)

	[No title] (Site not responding. Last check: 2007-10-08)
		A bearer certificate provides the only evidence necessary (or possible) to prove that the holder is entitled to the benefits of ownership.
		The instrument, or a coupon detached from it, must be presented to collect any cash due to the owner.
		In contrast to registered instruments, the issuer does not maintain a record of ownership of bearer instruments.
	www.amex.com /servlet/AmexFnDictionary?pageid=display&titleid=611 (68 words)

	English translation of Mexico's General Law of Negotiable Instruments and Credit Operations - updated through June, 2001 (Site not responding. Last check: 2007-10-08)
		The opposition of one who is not in possession of the instrument shall be established in the same manner as that of the holder with the sole exception that the previous deposit of the document shall not be necessary for the admission of the complaint.
		Bearer instruments which contain the obligation to pay any sum of money may only be put in circulation in the cases expressly provided for in the law and in accordance with the rules therein prescribed.
		Where a bearer instrument is not in condition to circulate due to having been partially destroyed or mutilated, the holder may request the cancellation and replacement in conformity with the procedure set forth for nominative instruments.
	www.natlaw.com /trans/tnstbk2.htm (17754 words)

	State of Utah v. Barrick
		When Defendants filled in one of their names on the blank payee line, the instrument ceased to be a bearer instrument and became payable to the order of an identified person.
		Such instruments are payable to the bearer until restricted in their currency as negotiable instruments by the insertion of the name of some particular payee.
		Gorham, 93 Utah 274, 72 P.2d 656, 660 (1937) (concluding that to convict defendant of uttering a forged instrument, it may be sufficient to show the passing of an instrument known by defendant to be false or forged and it is not essential to prove that the defendant personally forged the instrument).
	www.romingerlegal.com /utah/opinions/barrick.htm (1637 words)

	NY UCC, Article 3, Part 1, Commercial Paper
		Instruments payable on demand include those payable at sight or on presentation and those in which no time for payment is stated.
		An instrument is payable to bearer when by its terms it is payable to (a) bearer or the order of bearer; or (b) a specified person or bearer; or (c) "cash" or the order of "cash", or any other indication which does not purport to designate a specific payee.
		An instrument which states that it is "payable through" a bank or the like designates that bank as a collecting bank to make presentment but does not of itself authorize the bank to pay the instrument.
	www.garygauthier.com /uccarticle3part1.html (1160 words)

	Market Model - DBI Underwriting (Site not responding. Last check: 2007-10-08)
		Effectively, a digital bearer transaction without taking the money off the net, for all intents and purposes, is just the cost of microprocessing, which falls by half every 18 months, and bandwidth, which, believe it or not, is falling faster than that.
		That is, the transaction behavior of digital bearer transactions is almost identical to physical bearer certificate transactions, except that you need the underwriter of the certificate to mint you, as the new holder of the certificate, a fresh one at the time of the transaction to prevent double spending.
		Digital bearer cash, put into purely financial terms, becomes a fully-collateralized (for the moment, anyway) digital bearer banknote, which, in turn, is a loan of principal from the purchaser of the note to the issuer in exchange for a liquid, fungible asset.
	www.philodox.com /modelpaper.html (5978 words)

	Bearer shares are live and well and living in several countries. (OffshoreNet) (Site not responding. Last check: 2007-10-08)
		Bearer shares are live and well and living in several countries.
		Bearer shares are certificates which convey corporate ownership to whomever possesses them.
		To better understand how bearer shares work, think of another more common bearer instrument, paper money: it has value, and the presumptive owner is the person in whose possession it is found.
	www.offshorenet.com /blog/2006/12/bearer_shares_are_live_and_w.php (764 words)

	74(R) SB 1406 Introduced version - Bill Text (Site not responding. Last check: 2007-10-08)
		An instrument that is conditionally 7-14 issued or is issued for a special purpose is binding on the maker 7-15 or drawer, but failure of the condition or special purpose to be 7-16 fulfilled is a defense.
		In the case of an instrument of a third person 33-24 that is negotiated to the obligee by the obligor, discharge of the 33-25 obligor on the instrument also discharges the obligation.
		An instrument is also converted if it is taken by 55-27 transfer, other than a negotiation, from a person not entitled to 56-1 enforce the instrument or a bank makes or obtains payment with 56-2 respect to the instrument for a person not entitled to enforce the 56-3 instrument or receive payment.
	www.capitol.state.tx.us /tlo/74R/billtext/SB01406I.HTM (9250 words)

	Finance Act 1999
		In section 126(3)(c) and (5) of the Finance Act 1984 (exemption for bearer instruments issued by designated international organisations) for "the heading "Bearer Instrument" in Schedule 1 to the Stamp Act 1891" substitute "Schedule 15 to the Finance Act 1999 (bearer instruments)".
		In section 79(2) of the Finance Act 1986 (exemption for instruments relating to loan capital), for "the heading "Bearer Instrument" in Schedule 1 to the Stamp Act 1891" substitute "Schedule 15 to the Finance Act 1999 (bearer instruments)".
		An instrument is a "UK bearer instrument" or "non-UK bearer instrument" according to whether it is issued by or on behalf of a UK company or a non-UK company within the meaning of that Schedule.".
	www.opsi.gov.uk /acts/acts1999/90016--x.htm (1239 words)

	CSC - International Services
		Bearer instrument: An instrument issued without record of the owner's name, payable to the bearer according to its terms and not by reason of any endorsement.
		The bearer is the person in possession of an instrument payable to bearer or endorsed in blank.
		Regulations: Statutory instruments made in the exercise of a legislative power conferred by or under an Act of Parliament or of a provincial legislature, having the force of law when it is in effect.
	www.incspot.com /public/c6-01h.html (8105 words)

	Finance Bill
		In the case of an instrument in relation to which there was then in force transitional provision in connection with an earlier change in the rate of duty having the effect that a different rate applied, the new provisions have effect as if a reference to a percentage corresponding to that different rate were substituted.
		(b) an instrument within the stamp duty exemption for non-sterling instruments which is issued in connection with a company merger or takeover (whether or not involving the company issuing the instrument).
		In paragraph (b) "the stamp duty exemption for non-sterling instruments" means the exemption from stamp duty provided for by section 30 of the Finance Act 1967 or section 7 of the Finance Act (Northern Ireland) 1967.".
	www.parliament.the-stationery-office.co.uk /pa/cm199899/cmbills/062/99062--v.htm (789 words)

	Untitled Document (Site not responding. Last check: 2007-10-08)
		An instrument can also be negotiable if it is "payable to bearer." This phrase means that the instrument is not payable to a named person or their order but is instead payable to anyone who has physical possession of it.
		With a check, the most common way to make it payable to bearer is to make it payable to "cash." A check that is payable to cash is a bearer instrument.
		Also, an instrument that does not indicate that it is payable to any particular person is payable to bearer.
	www.law.utk.edu /cle/elements/9-mg.htm (127 words)

	Stamp duty: bearer instruments.
		In the case of an instrument given in substitution for a like instrument stamped ad valorem (whether under this Schedule or not) the duty is £5.
		In this Schedule a "deposit certificate" means an instrument acknowledging the deposit of stock and entitling the bearer to rights (whether expressed as units or otherwise) in or in relation to the stock deposited or equivalent stock.
		Where the capital stock of a company is not expressed in terms of any currency, it shall be treated for the purposes of paragraph 17 as expressed in the currency of the territory under the law of which the company is formed or established.
	www.uk-finance-act-1999.co.uk /s-P (2285 words)

	Nick Szabo -- Contracts with Bearer
		The signature provides the assurance that the certificate is indeed the the particular kind of contract with bearer, while the serial number assures that the same instance of that contract is not cleared or redeemed more than once.
		Bearer certificates come in an "online" variety, cleared during every transfer, and thus both verifiable and observable, and an "offline" variety, which can be transferred without being cleared, but is only verifiable when finally cleared, by revealing any the clearing name of any intermediate holder who transferred the object multiple times (a breach of contract).
		Bearer certificate protocols can be used to transfer references to a particular instance or set of instances of an object, just as they can be used to transfer other kinds of standardized rights.
	szabo.best.vwh.net /bearer_contracts.html (2919 words)

	[No title]
		Likewise, a bearer instrument can be converted into an order instrument by, e.g., indorsing it in such a way as to identify a particular payee.
		However, when the indorser’s name is misspelled on the instrument, she may indorse it (1) as it (incorrectly) appears, (2) as it should (correctly) appear, or (3) both.
		(However, a person who previously held the instrument cannot improve his position by later reacquiring it from an HDC if the former holder (1) was a party to fraud or illegal activity affecting the instrument, or (2) had notice of a claim or defense against the instrument.
	profj.us /outlines/ch25.doc (1000 words)

	[No title]
		In some circumstances instruments that are not payable "to order" or "to bearer" may nevertheless be within the scope of Article 3 of the Code except that there can be no holder in due course of such an item.
		That provision is intended to protect banks that cash instruments with such forged indorsements and is based on the assumption that as between the bank and the drawer, the latter is in a better position to prevent the loss.
		First, the drafts are not negotiable and, thus, not within the term "instrument" as used in section 3120. Second, at this juncture, the evidence on the practice followed in issuing and paying the drafts corresponds to the "payable through" procedure.
	vls.law.vill.edu /Locator/3d/Oct1995/95a1194p.doc (3973 words)

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