Sch 7Definition of bearer negotiable instrument

Schedule 7—Definition of bearer negotiable instrument

 

1  Section 17

17  Bearer negotiable instruments

 (1) A bearer negotiable instrument is an instrument that is one of the following that is payable to bearer:

 (a) a bill of exchange;

 (b) a cheque;

 (c) a promissory note;

 (d) a bearer bond;

 (e) a traveller’s cheque;

 (f) a money order, postal order or similar order;

 (g) a negotiable instrument not covered by any of the above paragraphs.

 (2) Without limiting subsection (1), an instrument is payable to bearer if the instrument:

 (a) is endorsed without restriction; or

 (b) does not express a payee; or

 (c) is payable to a fictitious person; or

 (d) is otherwise in such form that title to the instrument passes on delivery.