Illinois Compiled Statutes 810 ILCS 5/3-109 – Payable to bearer or to order
Current as of: 2024 | Check for updates
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(a) A promise or order is payable to bearer if it:
(1) states that it is payable to bearer or to the
(1) states that it is payable to bearer or to the
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order of bearer or otherwise indicates that the person in possession of the promise or order is entitled to payment;
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(2) does not state a payee; or
(3) states that it is payable to or to the order of
Terms Used In Illinois Compiled Statutes 810 ILCS 5/3-109
- State: when applied to different parts of the United States, may be construed to include the District of Columbia and the several territories, and the words "United States" may be construed to include the said district and territories. See Illinois Compiled Statutes 5 ILCS 70/1.14
(3) states that it is payable to or to the order of
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cash or otherwise indicates that it is not payable to an identified person.
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(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). An instrument payable to an identified person may become payable to bearer if it is indorsed in blank pursuant to Section 3-205(b).
(c) An instrument payable to bearer may become payable to an identified person if it is specially indorsed pursuant to Section 3-205(a). An instrument payable to an identified person may become payable to bearer if it is indorsed in blank pursuant to Section 3-205(b).