Miss. Code Ann. § 75-3-109

Payable to bearer or to order

Known as the Uniform Commercial Code

The act spans §§ 75–75 (480 sections).

Applied in 1 court decision — leading case 32 So. 3d 429 - Whitaker v. LIMECO CORP. (2010)

Most recently applied in 32 So. 3d 429 - Whitaker v. LIMECO CORP. (April 2010)

Former § 75-3-109: Codes, 1942, § 41A:3-109; Laws, 1966, ch. 316, § 3-109; Laws, 1992, ch. 420, § 9, eff from and after January 1, 1993.

A promise or order is payable to bearer if it:

(1) 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;

(2) Does not state a payee; or

(3) States that it is payable to or to the order of cash or otherwise indicates that it is not payable to an identified person.

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.

An instrument payable to bearer may become payable to an identified person if it is specially indorsed pursuant to Section 75-3-205(a). An instrument payable to an identified person may become payable to bearer if it is indorsed in blank pursuant to Section 75-3-205(b).

Current official text: Mississippi Code (LexisNexis). Digitized from the UniCourt Code Improvement Commission public-domain capture. Reproduced from public-domain Mississippi statutes; confirm against the official source for the current text. Not legal advice.