What is Bearer?

Legal Definition
An individual who is in possession of a negotiable instrument, document of title, or certificated security that is either payable to the person in possession (ie. payable to bearer) or endorsed in blank.
Legal Definition
One who bears or carries a thing.

2. If a bill or note be made payable to bearer, it will pass by delivery only, without endorsement; and whoever fairly acquires a right to it, may maintain an action against the drawer or acceptor.

3. It has been decided that the bearer of a bank note, payable to bearer, is not an assignee of a chose in action within the 11th section of the judiciary act of, 1789, c. 20, limiting the jurisdiction of the circuit court. 3 Mason, R. 308.

4. Bills payable to bearer are contra-distinguished from those payable to order, which can be transferred only by endorsement and delivery.

5. Bills payable to fictitious payees, are considered as bills payable to, bearer.
-- Bouviers Law Dictionary
Legal Definition
One who carries or holds a thing. When a check, note, draft, etc., is payable to "bearer," it imports that the contents thereof shall be payable to any person who may present the instrument for payment. Thompson v. Perrme, 106 U. S 589, 1 Sun. Ct. 564, 568, 27 L Ed. 298; Bradford v. Jenks, 3 Fed. Cas. 1,132; Hubbard v. Railroad Co., 14 Abb. Prac. (N. Y.) 278.
-- Black's Law Dictionary
Legal Definition
A maintainor; one practic? ing maintenance; the holder of negotiable paper not payable to a specified person. See 3 Fed. (U. S.) 617.
-- Ballentine's Law Dictionary