§490:3-110  Identification of person to whom
instrument is payable.  (a)  The person to whom an instrument is initially
payable is determined by the intent of the person, whether or not authorized,
signing as, or in the name or behalf of, the issuer of the instrument.  The
instrument is payable to the person intended by the signer even if that person
is identified in the instrument by a name or other identification that is not
that of the intended person.  If more than one person signs in the name or behalf
of the issuer of an instrument and all the signers do not intend the same
person as payee, the instrument is payable to any person intended by one or
more of the signers.



(b)  If the signature of the issuer of an
instrument is made by automated means, such as a check-writing machine, the
payee of the instrument is determined by the intent of the person who supplied
the name or identification of the payee, whether or not authorized to do so.



(c)  A person to whom an instrument is payable
may be identified in any way, including by name, identifying number, office, or
account number.  For the purpose of determining the holder of an instrument,
the following rules apply:



(1)  If an instrument is payable to an account and the
account is identified only by number, the instrument is payable to the person
to whom the account is payable.  If an instrument is payable to an account
identified by number and by the name of a person, the instrument is payable to
the named person, whether or not that person is the owner of the account
identified by number.



(2)  If an instrument is payable to:



(i)  A trust, an estate, or a person described
as trustee or representative of a trust or estate, the instrument is payable to
the trustee, the representative, or a successor of either, whether or not the
beneficiary or estate is also named;



(ii)  A person described as agent or similar
representative of a named or identified person, the instrument is payable to
the represented person, the representative, or a successor of the representative;



(iii)  A fund or organization that is not a legal
entity, the instrument is payable to a representative of the members of the
fund or organization; or



(iv)  An office or to a person described as
holding an office, the instrument is payable to the named person, the incumbent
of the office, or a successor to the incumbent.



(d)  If an instrument is payable to two or more
persons alternatively, it is payable to any of them and may be negotiated,
discharged, or enforced by any or all of them in possession of the instrument. 
If an instrument is payable to two or more persons not alternatively, it is
payable to all of them and may be negotiated, discharged, or enforced only by
all of them.  If an instrument payable to two or more persons is ambiguous as
to whether it is payable to the persons alternatively, the instrument is
payable to the persons alternatively. [L 1991, c 118, pt of §1]