(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; [PL 1993, c. 293, Pt. A, §2 (NEW).] (b). Does not state a payee; or [PL 1993, c. 293, Pt. A, §2 (NEW).] (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. [PL 1993, c. 293, Pt. A, §2 (NEW).] [PL 1993, c. 293, Pt. A, §2 (NEW).] (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; or [PL 1993, c. 293, Pt. A, §2 (NEW).] (b). To an identified person or order. [PL 1993, c. 293, Pt. A, §2 (NEW).] A promise or order that is payable to order is payable to the identified person. [PL 1993, c. 293, Pt. A, §2 (NEW).] (3). An instrument payable to bearer may become payable to an identified person if it is specially indorsed pursuant to Section 3-1205, subsection (1). An instrument payable to an identified person may become payable to bearer if it is indorsed in blank pursuant to Section 3-1205, subsection (2). [PL 1993, c. 293, Pt. A, §2 (NEW).]
‹ Prev All Maine sections Next ›
Lexace provides legal information, not legal advice, and no attorney–client relationship is created. Statute text is provided for general information and may not reflect the most recent amendments; verify against the official state code.