fictitious payee rule

fictitious-payee rule. Commercial law. The principle that if a drawer or maker issues commercial paper to a payee whom the drawer or maker does not actually intend to have any interest in the instrument, an ensuing forgery of the payee’s name will be effective to pass good title to later transferees. — Also termed padded-payroll rule. [Cases: Banks and Banking 148, 174. C.J.S. Banks and Banking §§ 416–417, 419, 421–428, 430–432, 434–438.]
专业法律词汇 词条贡献者
法律翻译Bryan,毕业于新加坡知名法学院,专注翻译各类与私募股权有关的法律文件。
Scroll to Top