An envelope containing a $10 rebate check was placed in Hart's mailbox by mistake. It was addressed to Rice, a former tenant, and read, "Pay to the bearer or G. Rice, $10.00." Discuss Hart's role. Hart is the holder of the check. A holder is a person who is in possession of a negotiable instrument that is issued or indorsed to that person's order or to bearer. When an instrument is payable to "a specified person or bearer," it is payable to the bearer.