What is the term for a payee of an instrument made payable to whoever is in possession?

The term "bearer" refers to the payee of an instrument made payable to whoever is in possession. In financial instruments like checks or bonds, a bearer instrument can be transferred simply by handing it over to another party. This means that the person holding the instrument (the bearer) has the right to receive the payment, regardless of their identity. This type of instrument does not require endorsement for a transfer of ownership, thus facilitating easier transactions.

The other terms mentioned have specific meanings that do not apply in this context. An endorser is someone who signs their name on the back of a negotiable instrument, transferring their rights to another party, but they do not directly receive payments as bearers do. An obligee is someone who is entitled to receive benefits or payments under a contract, but this term is more contractual and does not refer specifically to the physical possession of a financial instrument. An assignor is a party that transfers rights or interests in an asset to another party (the assignee), but this involves a different legal context, often requiring a formal assignment process.