8.3A-110 - A-110. Identification of person to whom instrument is payable. - Virginia Statutes

§ 8.3A-110. Identification of person to whom instrument is payable.

(a) The person to whom an instrument is initially payable is determined bythe intent of the person, whether or not authorized, signing as, or in thename or behalf of, the issuer of the instrument. The instrument is payable tothe person intended by the signer even if that person is identified in theinstrument by a name or other identification that is not that of the intendedperson. If more than one person signs in the name or behalf of the issuer ofan instrument and all the signers do not intend the same person as payee, theinstrument is payable to any person intended by one or more of the signers.

(b) If the signature of the issuer of an instrument is made by automatedmeans, such as a check-writing machine, the payee of the instrument isdetermined by the intent of the person who supplied the name oridentification of the payee, whether or not authorized to do so.

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

(1) If an instrument is payable to an account and the account is identifiedonly by number, the instrument is payable to the person to whom the accountis payable. If an instrument is payable to an account identified by numberand by the name of a person, the instrument is payable to the named person,whether or not that person is the owner of the account identified by number.

(2) If an instrument is payable to:

(i) a trust, an estate, or a person described as trustee or representative ofa trust or estate, the instrument is payable to the trustee, therepresentative, or a successor of either, whether or not the beneficiary orestate is also named;

(ii) a person described as agent or similar representative of a named oridentified person, the instrument is payable to the represented person, therepresentative, or a successor of the representative;

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

(iv) an office or to a person described as holding an office, the instrumentis payable to the named person, the incumbent of the office, or a successorto the incumbent.

(d) If an instrument is payable to two or more persons alternatively, it ispayable to any of them and may be negotiated, discharged, or enforced by anyor all of them in possession of the instrument. If an instrument is payableto two or more persons not alternatively, it is payable to all of them andmay be negotiated, discharged, or enforced only by all of them. If aninstrument payable to two or more persons is ambiguous as to whether it ispayable to the persons alternatively, the instrument is payable to thepersons alternatively.

(Code 1950, §§ 6-360, 6-393, 6-394; 1964, c. 219, §§ 8.3-110, 8.3-116,8.3-117; 1966, c. 393; 1992, c. 693.)