400.3-110. Identification of person to whom instrument is payable. - Missouri Statutes

Identification of person to whom instrument is payable.

400.3-110. (a) The person to whom an instrument isinitially payable is determined by the intent of the person,whether or not authorized, signing as, or in the name or behalfof, the issuer of the instrument. The instrument is payable tothe person intended by the signer even if that person isidentified in the instrument by a name or other identificationthat is not that of the intended person. If more than one personsigns in the name or behalf of the issuer of an instrument andall the signers do not intend the same person as payee, theinstrument is payable to any person intended by one or more ofthe signers.

(b) If the signature of the issuer of an instrument is madeby automated means, such as a check-writing machine, the payee ofthe instrument is determined by the intent of the person whosupplied the name or identification of the payee, whether or notauthorized to do so.

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

(1) If an instrument is payable to an account and theaccount is identified only by number, the instrument is payableto the person to whom the account is payable. If an instrumentis payable to an account identified by number and by the name ofa person, the instrument is payable to the named person, whetheror not that person is the owner of the account identified bynumber.

(2) If an instrument is payable to:

(i) a trust, an estate, or a person described as trustee orrepresentative of a trust or estate, the instrument is payable tothe 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 representativeof a named or identified person, the instrument is payable to therepresented person, the representative, or a successor of therepresentative;

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

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

(d) If an instrument is payable to two or more personsalternatively, it is payable to any of them and may benegotiated, discharged, or enforced by any or all of them inpossession of the instrument. If an instrument is payable to twoor more persons not alternatively, it is payable to all of themand may be negotiated, discharged, or enforced only by all ofthem. If an instrument payable to two or more persons isambiguous as to whether it is payable to the personsalternatively, the instrument is payable to the personsalternatively.

(L. 1963 p. 503 § 3-110, A.L. 1992 S.B. 448)