(a) A promise or order is payable to bearer if
it:
States that it is payable to bearer or to the order of bearer or otherwise indicates thatthe person in possession of the promise or order is entitled to payment;
Does not state a payee; or
States that it is payable to or to the order of cash or otherwise indicates that it is notpayable to an identified person.
A promise or order that is not payable to bearer is payable to order if it is payable (i) to the order of an identified person or (ii) to an identified person or order. A promise or order that is payable to order is payable to the identified person.
An instrument payable to bearer may become payable to an identified person if it isspecially indorsed pursuant to section 4-3-205 (a). An instrument payable to an identified person may become payable to bearer if it is indorsed in blank pursuant to section 4-3-205 (b).
Source: L. 94: Entire article R&RE, p. 845, § 1, effective January 1, 1995.
Editor's note: This section is similar to former §§ 4-3-110 and 4-3-111 as they existed prior to 1994.