(a) A promise or order is payable to bearer if it
(1) states that it is payable to bearer or to the order of bearer or otherwise indicates that the person in possession of the promise or order is entitled to payment;
(2) does not state a payee; or
(3) states that it is payable to or to the order of cash, 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 if it is payable to the order of an identified person, or to an identified person or order. A promise or order that is payable to order is payable to the identified person.
(c) An instrument payable to bearer may become payable to an identified person if it is specially endorsed under AS 45.03.205 (a). An instrument payable to an identified person may become payable to bearer if it is endorsed in blank under AS 45.03.205 (b).
Section: Previous 45.03.102 45.03.103 45.03.104 45.03.105 45.03.106 45.03.107 45.03.108 45.03.109 45.03.110 45.03.111 45.03.112 45.03.113 45.03.114 45.03.115 45.03.116 NextLast modified: November 15, 2016