156                                        LAWS OF MARYLAND                         [ Ch. 49

(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 bat 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
transferred 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 order unless the bearer words are
handwritten or typewritten.

3—111. Payable to bearer.

An instrument is payable to bearer when by its terms
it is payable to

(a) Bearer or the order of bearer; or

(b)   A specified person or bearer; or

(c)   "Cash" or the order of "cash," or any
other indication which does not purport to designate a
specific payee.

3—112. Terms and omissions not affecting negotiability.

(1) The negotiability of an instrument is not
affected by

(a)    The omission of a statement of any
consideration or of the place where the instrument is
drawn or payable; or

(b)   A statement that collateral has been
given to secure obligations either on the instrument or
otherwise of an obligor on the instrument or in the case
of default on those obligations the holder may realize on