nominal payee rule

nominal-payee rule. Commercial law. The rule that validates any person’s indorsement of an instrument (such as a check) when the instrument’s drawer intended for the payee to have no interest in the instrument. UCC § 3-404(b). [Cases: Bills and Notes 279. C.J.S. Bills and Notes; Letters of Credit §§ 29, 150–151.]

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词条贡献者

译者Kelly，美国顶尖商学院国际经济法专业，擅长翻译各种与投资基金与基金顾问诉讼相关的法律文件。