Kentucky Statutes 355.3-109 – Payable to bearer or order
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(1) A promise or order is payable to bearer if it:
(a) 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;
(b) Does not state a payee; or
(c) States that it is payable to or to the order of cash or otherwise indicates that it is not payable to an identified person.
(2) (a) A promise or order that is not payable to bearer is payable to order if it is payable:
1. To the order of an identified person; or
2. To an identified person or order.
(b) A promise or order that is payable to order is payable to the identified person. (3) An instrument payable to bearer may become payable to an identified person if it is
specially indorsed pursuant to KRS § 355.3-205(1). An instrument payable to an
identified person may become payable to bearer if it is indorsed in blank pursuant to
KRS § 355.3-205(2).
Effective: January 1, 1997
History: Repealed and reenacted 1996 Ky. Acts ch. 130, sec. 9, effective January 1,
1997. — Created 1958 Ky. Acts ch. 77, sec. 3-109, effective July 1, 1960.
(a) 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;
Terms Used In Kentucky Statutes 355.3-109
- State: when applied to a part of the United States, includes territories, outlying possessions, and the District of Columbia. See Kentucky Statutes 446.010
(b) Does not state a payee; or
(c) States that it is payable to or to the order of cash or otherwise indicates that it is not payable to an identified person.
(2) (a) A promise or order that is not payable to bearer is payable to order if it is payable:
1. To the order of an identified person; or
2. To an identified person or order.
(b) A promise or order that is payable to order is payable to the identified person. (3) An instrument payable to bearer may become payable to an identified person if it is
specially indorsed pursuant to KRS § 355.3-205(1). An instrument payable to an
identified person may become payable to bearer if it is indorsed in blank pursuant to
KRS § 355.3-205(2).
Effective: January 1, 1997
History: Repealed and reenacted 1996 Ky. Acts ch. 130, sec. 9, effective January 1,
1997. — Created 1958 Ky. Acts ch. 77, sec. 3-109, effective July 1, 1960.