                                 CODE OF VIRGINIA

PAYABLE TO BEARER OR TO ORDER (§ 8.3A-109)

a. 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.

b. 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.

c. An instrument payable to bearer may become payable to an identified person if
it is specially endorsed pursuant to &#xA7; 8.3A-205 (a). An instrument payable
to an identified person may become payable to bearer if it is endorsed in blank
pursuant to &#xA7; 8.3A-205 (b).

HISTORY: Code 1950, §§ 6-360, 6-361; 1956, c. 149; 1964, c. 219, §§ 8.3-110,
8.3-111; 1992, c. 693.