expressed to be payable

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India - Hindi
A promissory note, bill of exchange or cheque is payable to bearer, which is expressed to be so payable or on which the only or last ensorsement is an endorsement in bank.

What is `expressed to be payable' here mean?

Please explain it.
  • Giordano Bruno

    Senior Member
    English, England
    On a cheque, there is space to write the name of the payee. It is possible to write in this space "bearer", i.e. anyone who has possession of the cheque. A cheque that is payable to the bearer is one which is expressed to be payable to the bearer. It starts with the words, "Pay bearer" in lieu of Pay Fred Smith. A cheque payable to Fred Smith may be transferred to a third party by endorsing it with the signature of the second party.
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