Beab.Eb

He who bears or carries a thing; he who presents for payment a bill, check, or note, transferable by delivery. A note payable to "A or bearer" is negotiable without indorsement, and payment may be demanded by any bearer as the person whom the maker promised to pay. The transferrer is not liable except on failure of the consideration. The holder is presumed to be owner for value; but any circumstance of suspicion, as theft of the instrument by a former holder, may require the present holder to prove that he gave value for the paper. < The bona fide purchaser of a note payable to bearer, but stolen from the rightful holder, may recover the amount of it from the maker; otherwise, where the note is stolen directly from the maker.' A note payable to bearer is said to be assignable by delivery; but really there is no "assignment" at all. The paper passes by mere delivery, the holder never makes title through any assignment, but claims as bearer. The note is an original promise by the maker to pay any person who shall become bearer; it is, therefore, payable to any and every person who successively holds the note bona fide, not by virtue of an assignment of the promise, but by the original, direct promise moving from the maker." See Blank, 2; Bond; Coupon; Negotiate, 2. 1 Reimer's Appeal, 100 Pa. 182, 190 (1888); Commonwealth V. Harris, 10 W. N. C. 10-15 (1881),- Ph Uadelphia cases. 2 [Doane v. Willcutt, B Gray, 335 (1855); 41 Conn. 14; 15 Me. 237; 48 id. 68. s Litchfield v. Ferguson, 141 Mass. 97 (1886). «2 Bl. Com. 468; 2 Pars. Contr. 242; 14 WaU. 296; 17 Blatch. 2. ' Branch v. Commissioners, 80 Va. 432-34(1885), cases. » Bnllard v. Bell, 1 Mas. 362 (1817), Story, J.; Thompson V. Perrine, 108 U. S. 592-93 (1882), cases; Chickaib. 666 (1882).