Article 3-A: NEGOTIABLE INSTRUMENTS HEADING: PL 1993, C. 293, PT, A, §2 (NEW)
Part 1: GENERAL PROVISIONS AND DEFINITIONS HEADING: PL 1993, C. 293, PT. A, §2 (NEW)
§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).
Article 3-A: NEGOTIABLE INSTRUMENTS HEADING: PL 1993, C. 293, PT, A, §2 (NEW)
Part 1: GENERAL PROVISIONS AND DEFINITIONS HEADING: PL 1993, C. 293, PT. A, §2 (NEW)
§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).
Article 3-A: NEGOTIABLE INSTRUMENTS HEADING: PL 1993, C. 293, PT, A, §2 (NEW)
Part 1: GENERAL PROVISIONS AND DEFINITIONS HEADING: PL 1993, C. 293, PT. A, §2 (NEW)
§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).
