CHAPTER 393

An Act to amend and reenact § 8.8-110 of the Code of Virginia, relating
to when an instrument is payable to order and when payable to bearer.

[S 880]
Approved April 1, 1966

Be it enacted by the General Assembly of Virginia:

1. . That § 8.8-110 of the Code of Virginia be amended and reenacted as
ollows:

§ 88-110. (1) An instrument is payable to order when by its
terms it is payable to the order or assigns of any person therein specified
with reasonable certainty, or to him or his order, or when it is conspicu-
ously designated on its face as “exchange” or the like and names a payee.
It may be payable to the order of

(a) the maker or drawer; or

(b) the drawee; or

(c) a payee who is not maker, drawer or drawee; or

(d) two or more payees together or in the alternative; or

(e) an estate, trust or fund, in which case it is payable to the order
of the representative of such estate, trust or fund or his successors; or

(f) an office, or an officer by his title as such in which case it is
payable to the principal but the incumbent of the office or his successors
may act as if he or they were the holder; or

(g) a partnership or unincorporated association, in which case it is
payable to the partnership or association and may be indorsed or trans-
ferred by any person thereto authorized.

(2) An instrument not payable to order is not made so payable by
such words as “payable upon return of this instrument properly indorsed.”

(3) An instrument made payable both to order and to bearer is
payable to * bearer*.