Michigan Laws 440.3109 – Promise or order; payable on demand; payable at definite time; instrument payable at fixed date
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(1) A promise or order is payable to the bearer if it does any of the following:
(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 Michigan Laws 440.3109
- Bearer: means a person in control of a negotiable electronic document of title or a person in possession of an instrument, a negotiable tangible document of title, or a certificated security payable to bearer or indorsed in blank. See Michigan Laws 440.1201
- Order: means a written instruction to pay money signed by the person giving the instruction. See Michigan Laws 440.3103
- Person: means an individual, corporation, business trust, estate, trust, partnership, limited liability company, association, joint venture, government, governmental subdivision, agency, or instrumentality, public corporation, or any other legal or commercial entity. See Michigan Laws 440.1201
- Promise: means a written undertaking to pay money signed by the person undertaking to pay. See Michigan Laws 440.3103
- State: means a state of the United States, the District of Columbia, Puerto Rico, the United States Virgin Islands, or any territory or insular possession subject to the jurisdiction of the United States. See Michigan Laws 440.1201
(b) Does not state a payee.
(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 promise or order that is not payable to bearer is payable to order if it is payable:
(a) To the order of an identified person.
(b) To an identified person or order. 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 endorsed pursuant to section 3205(1). An instrument payable to an identified person may become payable to bearer if it is endorsed in blank pursuant to section 3205(2).