400.3-109. Payable to bearer or to order. - Missouri Statutes

Payable to bearer or to order.

400.3-109. (a) A promise or order is payable to bearer ifit:

(1) states that it is payable to bearer or to the order ofbearer or otherwise indicates that the person in possession ofthe 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 orotherwise indicates that it is not payable to an identifiedperson.

(b) A promise or order that is not payable to bearer ispayable to order if it is payable (i) to the order of anidentified person or (ii) to an identified person or order. Apromise or order that is payable to order is payable to theidentified person.

(c) An instrument payable to bearer may become payable toan identified person if it is specially endorsed pursuant toSection 400.3-205(a). An instrument payable to an identifiedperson may become payable to bearer if it is endorsed in blankpursuant to Section 400.3-205(b).

(L. 1992 S.B. 448)

*No continuity with § 400.3-109 as repealed by L. 1992 S.B. 448.