12A:3-109. 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 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 indorsed pursuant to subsection a. of 12A:3-205. An instrument payable to an identified person may become payable to bearer if it is indorsed in blank pursuant to subsection b. of 12A:3-205.
L.1995,c.28,s.1.
Section: Previous 12a-3-102 12a-3-103 12a-3-104 12a-3-105 12a-3-106 12a-3-107 12a-3-108 12a-3-109 12a-3-110 12a-3-111 12a-3-112 12a-3-113 12a-3-114 12a-3-115 12a-3-116 Next
Last modified: October 11, 2016