Pay To Bearer

See: Bearer Bond.

No, this is not the hundred bucks your friends chipped in to pay you for streaking across the field at half time. It's a sheet of paper which is, in and of itself, an IOU. Like...if you own that piece of paper, or just have it, or bear it...and then present it to a bank managing the debts of the borrower, they have to pay you however much money that bond demands you pay from the issuer.

Whoever bears it, snares it.