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Contract. A supposed person; a payee, who has no existence. When the name of a fictitious payee has been used, in making a bill of exchange, and it has been endorsed in such name, it is considered as having the effect of a bill payable to bearer, and a bona fide holder, ignorant of that fact, may recover on it, against all prior parties who were privy, to the transaction. Under the common law, a person who solicits and obtains a negotiable instrument drawn or made to a fictitious person may effectively endorse the fictitious person's signature on the instrument.

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