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§ 3109. Payable to bearer or to order

Purdon's Pennsylvania Statutes and Consolidated StatutesTitle 13 Pa.C.S.A. Commercial Code

Purdon's Pennsylvania Statutes and Consolidated Statutes
Title 13 Pa.C.S.A. Commercial Code (Refs & Annos)
Division 3. Negotiable Instruments (Refs & Annos)
Chapter 31. General Provisions and Definitions
13 Pa.C.S.A. § 3109
§ 3109. Payable to bearer or to order
Currentness
(a) Payable to bearer.--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) Payable to order.--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.
A promise or order that is payable to order is payable to the identified person.
(c) Payable to an identified person.--An instrument payable to bearer may become payable to an identified person if it is specially indorsed pursuant to section 3205(a) (relating to special indorsement; blank indorsement; anomalous indorsement). An instrument payable to an identified person may become payable to bearer if it is indorsed in blank pursuant to section 3205(b).

Credits

1992, July 9, P.L. 507, No. 97, § 5, effective in one year.
13 Pa.C.S.A. § 3109, PA ST 13 Pa.C.S.A. § 3109
Current through Act 11 of the 2024 Regular Session. Some statute sections may be more current, see credits for details.
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