Fictitious Payee - Law Dictionary Search Results
Home Dictionary Name: fictitious payeefictitious payee
fictitious payee : a person named as payee in an instrument who does not in fact exist or who does exist but to whom the maker of the instrument does not intend to convey any interest in the instrument ...
fictitious person
fictitious person : a supposed but in fact nonexistent person referred to in some legal documents or proceedings ;also : fictitious payee ...
Payee
Payee, means person named in a negotiable instru-ment, to whom or to whose order the money is, by the instrument, directed to be paid, Negotiable Instruments Act, 1881, s. 7.One to whom a bill of exchange or promissory note or cheque is made payable; he must be named or otherwise indicated therein, with reasonable certainty. The bill, note, or cheque may be made payable to one or more payees jointly, or in the alternative to one of two or one or some of several payees, or to the holder of an office for the time being; but where the payee is a fictitious or non-existing person, it may be treated as payable to bearer, Bills of Exchange Act, 1882, s. 7; and see Bank of England v. Vagliano, 1891 AC 107.The person named in the instrument to whom or to whose order the money is by the instrument directed to be paid, is called the 'payee'. (Negotiable Instruments Act, 1881 (26 of 1881), s. 7)...
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