Bills of Exchange Act (R.S.C., 1985, c. B-4)

Marginal note:Transfer words

• 20 (1) When a bill contains words prohibiting transfer, or indicating an intention that it should not be transferable, it is valid as between the parties thereto, but it is not negotiable.

• Marginal note:Negotiable bill

  (2) A negotiable bill may be payable either to order or to bearer.

• Marginal note:When payable to bearer

  (3) A bill is payable to bearer that is expressed to be so payable, or on which the only or last endorsement is an endorsement in blank.

• Marginal note:Certainty of payee

  (4) Where a bill is not payable to bearer, the payee must be named or otherwise indicated therein with reasonable certainty.

• Marginal note:Fictitious payee

  (5) Where the payee is a fictitious or non-existing person, the bill may be treated as payable to bearer.