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Current as of January 01, 2024 | Updated by FindLaw Staff
(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 section 3-205(a) of this title. An instrument payable to an identified person may become payable to bearer if it is indorsed in blank pursuant to section 3-205(b) of this title.
Cite this article: FindLaw.com - Vermont Statutes Title 9 A. Uniform Commercial Code, § 3-109. Payable to bearer or to order - last updated January 01, 2024 | https://codes.findlaw.com/vt/title-9-a-uniform-commercial-code/vt-st-tit-9a-sect-3-109/
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature or via Westlaw before relying on it for your legal needs.
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