Impersonal Payee Law and Legal Definition

Impersonal payee is a payee of a bill or note designated as cash, bills payable or order. Impersonal payee may be designated otherwise than in the name of a person, association, partnership, or corporation. Effect of drawing bill or note in the name of an impersonal payee is that the instrument will be payable to bearer. Instruments payable to any impersonal payee are negotiable and payable to bearer, and need not have other words of negotiability.