Fictitious Payee
The Cyclopedic Law Dictionary · Walter A. Shumaker and George Foster Longsdorf; ed. James C. Cahill · 1922
The Cyclopedic Law Dictionary
When a contract, such as negotiable paper, is drawn in favor of a fictitious person, and has been indorsed in such name, it is deemed payable to bearer as against all parties who are privy to the transaction, and a holder in good faith may recover on it against them.
2 H. Bl. 178, 288; 3 Term R. 174, 182, 481; 1 Camp. 130; 19 Ves. 311. And see 10 Barn. & C. 468; 2 Sandf. (N. Y.) 38; 2 Deur (N. Y.) 121.