5. Effect where different parties to bill are same person

A bill may be drawn payable to, or to the order of the drawer; or it may be drawn payable to, or to the order of, the drawee.

Where in a bill drawer and drawee are the same person, or where the drawee is a fictitious person or a person not having capacity to contract, the holder may treat the instrument, at his option, either as a bill of exchange or as a promissory note.