Bearer Paper

What does Bearer Paper mean in American Law?

The definition of Bearer Paper in the law of the United States, as defined by the lexicographer Arthur Leff in his legal dictionary is:

Commercial paper, e.g., bills, checks, notes, is “bearer paper,” i.e., payable to whomever is in possession of it, if it (a) is in bearer form; (b) is made payable to “cash” or “the order of cash” or to any other designee not purporting to be a specific payee (e.g., “bills payable,” “one keg of nails” (U.C.C. § 3-111)); or (c) carries a blank indorsement.