(810 ILCS 5/3-109)
(from Ch. 26, par. 3-109)
Payable to bearer or to order.
(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 indorsed pursuant to Section 3-205(a). An
instrument payable to an identified person may become payable to bearer if
it is indorsed in blank pursuant to Section 3-205(b).
(Source: P.A. 87-582; 87-1135.)