Page:United States Statutes at Large Volume 30.djvu/824

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786 FIF‘1‘Y·FIFTH oononnss. snss. 111. ou. 47. 1899. · Third. By stated installments, with a provision that upon default in payment of any installment or of interest the whole shall become due; or Fourth. With exchange, whether at a tlxed rate or at the current rate- or Filth. With costs of collection or an attorney’s fee, in case payment shall not be made at maturity. _ “¤,¤,mP;d¤** i¤ Sec. 3. That an unqualiiied order or promise to pay is unconditional ` within the meaning of this Act, though coupled with- First. An indication of a particular fund out of which reimbursement is to be made, or a particular account to be debited with the amount; or Second. A statement of the transaction which gives rise to the instrument. · But an order or promise to pay out of a particular fund is not uuc0n· ditional. ` pmrmmnbleruturo Sec. 4. That an instrument is payable at a determinable future time,

  • ""°· within the meaning of this Act, which is expressed to be payable-

First. At a iixed period atter date or sight; or Second. On or before a iixed or determinable future time specified therein- or

 On or at a iixed period after the occurrence of a specified

event, which is certain to happen, though the time of happening be uncertain. An instrument payable upon a contingency is not negotiable, and the _ happening of the event does not cure the defect. ' .*“*; Sec. 5. That an instrument which contains au order or promise to do 31am. any act in addition to the payment of money is not negotiable. But the negotiable character of an instrument otherwise negotiable is not aifected by a provision which: · First. Authorizes the sale of collateral securities in case the instrument be not paid at mdturity; or Second. Authorizes a_ confession of judgment if the instrument be not paid at maturity; or Third. Waives the benefit of any law intended for the advantage or protection of the obligor; or Fourth. Gives the holder an election to require something to be done in lieu of payment of money. But nothing in this section shall validate any provision or stipulation an otléerwise illlegalil ld d 0mi••i¤¤·1·<e¢ wt- mo. 6. hat the va i ity an negotiable character of an instrument i"°°'°°"`”1°°" are not ailected by the fact that: First. It is not dated.; or Second. Does not specify the value given, or that any value has been given therefor; or Third. Does not specify the place where it is drawn or the place where it is payable; or gourthb Bears a seal; or ifth. esi nates a articular kind of current m n' . ment is to be inode. p O Gy m which pay But nothing in this section shall alter or repeal any statute requiring in certain cases the nature of the consideration to be stated in the instrument. . deg:;; rmbls ¤¤ Sec. 7 . That an instrument is payable on demand; First. Where it is expressed to be payable on demand or at sight or on presentation; or - ’ ’ Second. In which no time for payment is expressed. _ Where an instrument is issued, accepted, or indorsed when overdue, gtbasz, (ais ggiaédgthe person so lSS|1lDg, accepting, or indorsing it, pay» wghen payable to Sec. S. That the instrument is payable to order whew it is drawn payable to the order oi a specified person or to him or his order. It may be dgawn payalble to the order oi: irst. payee w o is not maker drawer or drawee· r Second. The drawer or maker; or , ’ 0