70A-3-109 - Payable to bearer or to order.
70A-3-109. Payable to bearer or to order.
(1) A promise or order is payable to bearer if it:
(a) states that it is payable to bearer or to the order of bearer or otherwise indicates thatthe person in possession of the promise or order is entitled to payment;
(b) does not state a payee; or
(c) states that it is payable to or to the order of cash or otherwise indicates that it is notpayable to an identified person.
(2) A promise or order that is not payable to bearer is payable to order if it is payable tothe order of an identified person, or to an identified person or order. A promise or order that ispayable to order is payable to the identified person.
(3) An instrument payable to bearer may become payable to an identified person if it isspecially indorsed pursuant to Subsection 70A-3-205(1). An instrument payable to an identifiedperson may become payable to bearer if it is indorsed in blank pursuant to Subsection 70A-3-205(2).
Repealed and Re-enacted by Chapter 237, 1993 General Session