KRS 355.3-109: Payable to bearer or order.

(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;

(b) Does not state a payee; or

(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) A promise or order that is not payable to bearer is payable to order if it is

payable:

1. To the order of an identified person; or

2. To an identified person or order.

(b) 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 indorsed pursuant to KRS 355.3 -205(1). An instrument payable to an

identified person may become payable to bearer if it is indorsed in blank pursuant to

KRS 355.3-205(2).