The person in possession of a document (cash cheque, promissory note or bond) which may contain the instruction 'pay to the bearer'. In the case of bearer securities the owner is not registered with the issuer but physically holds the documents. Bearer securities are payable to the holder on maturity and transferable by delivery. Losing them is like losing currencynotes. Australian Savings Bonds could be purchased in the early 1980s as bearer bonds and their anonymity made them popular as a way of avoiding income tax; they were subsequently withdrawn.
