§490:3-109  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 (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.



(c)  An instrument payable to bearer may become
payable to an identified person if it is specially indorsed pursuant to section
490:3-205(a).  An instrument payable to an identified person may become payable
to bearer if it is indorsed in blank pursuant to section 490:3-205(b). [L 1991,
c 118, pt of §1]