Ch. 91                                      1996 LAWS OF MARYLAND

(C) AN INSTRUMENT PAYABLE TO BEARER MAY BECOME PAYABLE TO AN
IDENTIFIED PERSON IF IT IS SPECIALLY INDORSED PURSUANT TO § 3-205(A) AN
INSTRUMENT PAYABLE TO AN IDENTIFIED PERSON MAY BECOME PAYABLE TO
BEARER IF IT IS INDORSED IN BLANK PURSUANT TO § 3-205(B).

3-110.

(A)    THE PERSON TO WHOM AN INSTRUMENT IS INITIALLY PAYABLE IS
DETERMINED BY THE INTENT OF THE PERSON, WHETHER OR NOT AUTHORIZED,
SIGNING AS, OR IN THE NAME OR BEHALF OF, THE ISSUER OF THE INSTRUMENT. THE
INSTRUMENT IS PAYABLE TO THE PERSON INTENDED BY THE SIGNER EVEN IF THAT
PERSON IS IDENTIFIED EN THE INSTRUMENT BY A NAME OR OTHER IDENTIFICATION
THAT IS NOT THAT OF THE INTENDED PERSON. IF MORE THAN ONE PERSON SIGNS IN
THE NAME OR BEHALF OF THE ISSUER OF AN INSTRUMENT AND ALL THE SIGNERS
DO NOT INTEND THE SAME PERSON AS PAYEE, THE INSTRUMENT IS PAYABLE TO
ANY PERSON INTENDED BY ONE OR MORE OF THE SIGNERS.

(B)     IF THE SIGNATURE OF THE ISSUER OF AN INSTRUMENT IS MADE BY
AUTOMATED MEANS, SUCH AS A CHECK-WRITING MACHINE, THE PAYEE OF THE
INSTRUMENT IS DETERMINED BY THE INTENT OF THE PERSON WHO SUPPLIED THE
NAME OR IDENTIFICATION OF THE PAYEE, WHETHER OR NOT AUTHORIZED TO DO
SO.

(C)     A PERSON TO WHOM AN INSTRUMENT IS PAYABLE MAY BE IDENTIFIED IN
ANY WAY, INCLUDING BY NAME, IDENTIFYING NUMBER, OFFICE, OR ACCOUNT
NUMBER. FOR THE PURPOSE OF DETERMINING THE HOLDER OF AN INSTRUMENT,
THE FOLLOWING RULES APPLY:

(1)     IF AN INSTRUMENT IS PAYABLE TO AN ACCOUNT AND THE
ACCOUNT IS IDENTIFIED ONLY BY NUMBER, THE INSTRUMENT IS PAYABLE TO THE
PERSON TO WHOM THE ACCOUNT IS PAYABLE IF AN INSTRUMENT IS PAYABLE TO
AN ACCOUNT IDENTIFIED BY NUMBER AND BY THE NAME OF A PERSON, THE
INSTRUMENT IS PAYABLE TO THE NAMED PERSON, WHETHER OR NOT THAT PERSON
IS THE OWNER OF THE ACCOUNT IDENTIFIED BY NUMBER.

(2)     IF AN INSTRUMENT IS PAYABLE TO:

(I)      A TRUST, AN ESTATE, OR A PERSON DESCRIBED AS TRUSTEE
OR REPRESENTATIVE OF A TRUST OR ESTATE, THE INSTRUMENT IS PAYABLE TO
THE TRUSTEE, THE REPRESENTATIVE, OR A SUCCESSOR OF EITHER, WHETHER OR
NOT THE BENEFICIARY OR ESTATE IS ALSO NAMED;

(II)    A PERSON DESCRIBED AS AGENT OR SIMILAR
REPRESENTATIVE OF A NAMED OR IDENTIFIED PERSON, THE INSTRUMENT IS
PAYABLE TO THE REPRESENTED PERSON, THE REPRESENTATIVE, OR A SUCCESSOR
OF THE REPRESENTATIVE;

(III) A FUND OR ORGANIZATION THAT IS NOT A LEGAL ENTITY,
THE INSTRUMENT IS PAYABLE TO A REPRESENTATIVE OF THE MEMBERS OF THE
FUND OR ORGANIZATION; OR

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