47-3109. Payable to bearer or to order
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:
1. To the order of an identified person; or
2. 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 indorsed pursuant to section 47-3205, subsection A. An instrument payable to an identified person may become payable to bearer if it is indorsed in blank pursuant to section 47-3205, subsection B.
Section: Previous 47-3102 47-3103 47-3104 47-3105 47-3106 47-3107 47-3108 47-3109 47-3110 47-3111 47-3112 47-3113 47-3114 47-3115 47-3116 NextLast modified: October 13, 2016