Fictitious Payee
Legal Definition and Related Resources of Fictitious Payee
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Meanings, Synonyms, Etymology, Translations and More
Meaning of Fictitious Payee
When a bill of exchange is drawn in favor of a non-existent or fictitious person , then the same may be treated as payable to bearer.
Fictitious Payee Alternative Definition
When a contract, such as negotiable paper, is drawn in favor of a fictitious person, and has been indorsed in such name, it is deemed payable to bearer as against all parties who are privy to the transaction, and a holder in good faith may recover on it against them. 2 H. Bl. 178, 288; 3 Term R. 174, 182, 481; 1 Camp. 130; 19 Ves. 311. And see 10 Barn. & C. 468; 2 Sandf. (N. Y.) 38; 2 Deur (N. Y.) 121.
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This definition of Fictitious Payee is based on the The Cyclopedic Law Dictionary. This entry needs to be proofread.
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Fictitious Payee