8.3A-109 - A-109. Payable to bearer or to order.
§ 8.3A-109. Payable to bearer or to order.
(a) A promise or order is payable to bearer if it: (1) states that it ispayable to bearer or to the order of bearer or otherwise indicates that theperson in possession of the promise or order is entitled to payment; (2) doesnot state a payee; or (3) states that it is payable to or to the order ofcash or otherwise indicates that it is not payable to an identified person.
(b) A promise or order that is not payable to bearer is payable to order ifit is payable (i) to the order of an identified person or (ii) to anidentified person or order. A promise or order that is payable to order ispayable to the identified person.
(c) An instrument payable to bearer may become payable to an identifiedperson if it is specially endorsed pursuant to § 8.3A-205 (a). An instrumentpayable to an identified person may become payable to bearer if it isendorsed in blank pursuant to § 8.3A-205 (b).
(Code 1950, §§ 6-360, 6-361; 1956, c. 149; 1964, c. 219, §§ 8.3-110, 8.3-111;1992, c. 693.)