§ 34.1-3-110 — Identification of person to whom instrument is payable

(a) The person to whom an instrument is initially payable
is determined by the intent of the person, whether or not
authorized, signing as, or in the name or behalf of, the issuer
of the instrument. The instrument is payable to the person
intended by the signer even if that person is identified in the
instrument by a name or other identification that is not that of
the intended person. If more than one (1) person signs in the
name or behalf of the issuer of an instrument and all the
signers do not intend the same person as payee, the instrument
is payable to any person intended by one (1) or more of the
signers.
(b) If the signature of the issuer of an instrument is
made by automated means, such as a check-writing machine, the
payee of the instrument is determined by the intent of the
person who supplied the name or identification of the payee,
whether or not authorized to do so.
(c) A person to whom an instrument is payable may be
identified in any way, including by name, identifying number,
office, or account number. For the purpose of determining the
holder of an instrument, the following rules apply:
(i) If an instrument is payable to an account and the
account is identified only by number, the instrument is payable
to the person to whom the account is payable. If an instrument
is payable to an account identified by number and by the name of
a person, the instrument is payable to the named person, whether
or not that person is the owner of the account identified by
number;
(ii) If an instrument is payable to:
(A) A trust, an estate, or a person described as
trustee or representative of a trust or estate, the instrument
is payable to the trustee, the representative, or a successor of
either, whether or not the beneficiary or estate is also named;
(B) A person described as agent or similar
representative of a named or identified person, the instrument
is payable to the represented person, the representative, or a
successor of the representative;
(C) A fund or organization that is not a legal
entity, the instrument is payable to a representative of the
members of the fund or organization; or
(D) An office or to a person described as
holding an office, the instrument is payable to the named
person, the incumbent of the office, or a successor to the
incumbent.
(d) If an instrument is payable to two (2) or more persons
alternatively, it is payable to any of them and may be
negotiated, discharged, or enforced by any or all of them in
possession of the instrument. If an instrument is payable to
two (2) or more persons not alternatively, it is payable to all
of them and may be negotiated, discharged, or enforced only by
all of them. If an instrument payable to two (2) or more
persons is ambiguous as to whether it is payable to the persons
alternatively, the instrument is payable to the persons
alternatively.