§ 41-03-09 — (3-109) Payable to bearer or to order

1. A promise or order is payable to bearer if it meets any of the following conditions:
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.
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 to
the order of an identified person or 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 as stated in subsection 1 of section 41-03-24. An instrument
payable to an identified person may become payable to bearer if it is endorsed in
blank as stated in subsection 2 of section 41-03-24.