§490:3-109 Payable to bearer or to order. (a) A promise or order is "payable to bearer" if it:
(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 490:3-205(a). An instrument payable to an identified person may become payable to bearer if it is indorsed in blank pursuant to section 490:3-205(b). [L 1991, c 118, pt of §1]