An instrument payable to two or more persons without an $$and$$ or an $$or$$ between the parties$$ names, such as a check $$payable to the order of Gerhard Hans,$$

Group of answer choices

must be converted to a bearer instrument to be negotiated.

is nonnegotiable.

requires the indorsement of only of the parties to be negotiated.

requires the indorsement of both of the parties to be negotiated.