Refers to non-registered instruments in which ownership can transfer by physical delivery to the person possessing it.

the holder of a negotiable instrument

a party that has physical possession of a financial instrument

The person in possession.

A person in possession of an instrument, document of title, or security payable to bearer.

the person actually holding a legal instrument, such as a check, payable to "bearer" or endorsed in blank

The party who is in possession of a check, security, or title document. A check made payable to Cash is a bearer instrument.

Refers to instruments in which ownership can transfer by mere physical delivery, requires no registration as does not have the name of the holder on its face. Certain stamp duty advantages arise from this type of instrument.