§12A-3-109.

§12A-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 of bearer or
   otherwise indicates that the person in possession of the 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 or otherwise
   indicates that it is not payable to an identified person.
   
   (b) A promise or order that is not payable to bearer is payable 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 to order is payable to the identified person.
   
   (c) An instrument payable to bearer may become payable to an
   identified person if it is specially indorsed pursuant to subsection
   (a) of Section 3-205 of this title. An instrument payable to an
   identified person may become payable to bearer if it is indorsed in
   blank pursuant to subsection (b) of Section 3-205 of this title.