Order paper

Order paper,

Definition of Order paper:

  1. An order paper is one that says “pay to the order of,” whereas a bearer instrument says “pay to the bearer of.” When an instrument states “pay to the order of,” it’s naming a specific designee who can collect payment on that instrument. Bearer instruments, on the other hand, do not name a specific payee; anyone who bears the instrument can collect payment on it. An order instrument must identify a named payee on the payee line. A bearer instrument, on the other hand, does not include the name of the payee on the instrument, and will typically not have a payee line.

  2. Bill of exchange or promissory not payable to a named party.

  3. An order paper, or order instrument, is a negotiable instrument that is payable to a specified person or its assignee. An instrument such as an order paper is negotiable only if it is payable to the order of a specified person; meaning that it must designate an individual's name to be paid out. It is the opposite of a bearer instrument, which does not require the designation of an individual to be paid out.

  4. A paper on which the days business for a legislative assembly is entered.

How to use Order paper in a sentence?

  1. A bearer instrument is the opposite of an order instrument, as no individual is designated. Anyone holding the bearer instrument can be paid.
  2. To avoid turning an order instrument into a bearer instrument, a payee can use a special endorsement or a restrictive endorsement.
  3. Endorsing an order instrument turns it into a bearer instrument, which can increase the risk of theft.
  4. This means that the report will be on the Order Paper for debate next sitting day, after questions and any urgent debate.
  5. An order paper is a negotiable instrument that is payable to a specified person or its assignee.
  6. The most common example of an order paper is a personal check.
  7. An order paper specifies the name of the individual to which payment of the instrument can be made.

Meaning of Order paper & Order paper Definition