Section 3-1109 - 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 that the person in possession of the promise or order is entitled to payment; [1993, c. 293, Pt. A, §2(NEW).](b). Does not state a payee; or [1993, c. 293, Pt. A, §2(NEW).](c). States that it is payable to or to the order of cash or otherwise indicates that it is not payable to an identified person. [1993, c. 293, Pt. A, §2(NEW).] [1993, c. 293, Pt. A, §2(NEW).]
(2). A promise or order that is not payable to bearer is payable to order if it is payable: (a). To the order of an identified person; or [1993, c. 293, Pt. A, §2(NEW).](b). To an identified person or order. [1993, c. 293, Pt. A, §2(NEW).] A promise or order that is payable to order is payable to the identified person.
[1993, c. 293, Pt. A, §2(NEW).]
(3). An instrument payable to bearer may become payable to an identified person if it is specially indorsed pursuant to Section 3-1205, subsection (1). An instrument payable to an identified person may become payable to bearer if it is indorsed in blank pursuant to Section 3-1205, subsection (2). [1993, c. 293, Pt. A, §2(NEW).]
1993, c. 293, §A2 (NEW) .