§ 6A-3-109 - Payable to bearer or to order. - Rhode Island Statutes

SECTION 6A-3-109

   § 6A-3-109  Payable to bearer or to order.– (a) A promise or order is payable to bearer if it:

   (1) States that it is payable to bearer or to the order ofbearer or otherwise indicates that the person in possession of the promise ororder 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 identified person.

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

   (c) An instrument payable to bearer may become payable to anidentified person if it is specially indorsed pursuant to § 6A-3-205(a).An instrument payable to an identified person may become payable to bearer ifit is indorsed in blank pursuant to § 6A-3-205(b).