1. A promise or order is payable to bearer ifit: a. states that itis 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 promise or order that isnot payable to bearer is payable to order ifitis payable to the order of an identified person or to an identified person or order. A promise or order that ispayable 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 554.3205, subsection 1. An instrument payable to an identified person may become payable to bearer if itisendorsed in blank pursuant to section 554.3205, subsection 2.
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