§ 25-3-109. Payable to bearer or to order. - North Carolina Statutes

§25‑3‑109.  Payable to bearer or to order.

(a)        A promise or orderis payable to bearer if it:

(1)        States that it ispayable to bearer or to the order of bearer or otherwise indicates that theperson in possession of the promise or order is entitled to payment;

(2)        Does not state apayee; or

(3)        States that it ispayable to or to the order of cash or otherwise indicates that it is notpayable to an identified person.

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

(c)        An instrumentpayable to bearer may become payable to an identified person if it is speciallyindorsed pursuant to G.S. 25‑3‑205(a). An instrument payable to anidentified person may become payable to bearer if it is indorsed in blankpursuant to G.S. 25‑3‑205(b). (1899, c. 733, ss. 8, 9;Rev., ss. 2158, 2159; C.S., ss. 2989, 2990; 1949, c. 953; 1965, c. 700, s. 1;1995, c. 232, s. 1.)