Page:United States Statutes at Large Volume 31.djvu/1448

 I396 FIFTY-SIXTH CONGRESS. Sess. II. Ch. 854. 1901. in a *ment of an installment or of interest the whole shall become d P 5 Y ue· or, F burth. With exchange, whether at a Hxed rate or at the current rate; or hFifth.’ With costs of collection or an attorney’s fee, in case payment s all not be made at maturity. when .¤¤>¤¤S<¢ is Sec. 1307. YWHEN PROMISE IS UNooNnI·rIoNAL.-An unqualified order unconditional. ._ . . . . . . or promise to pay IS unconditional w1tb1n the meaning hereof, though coupled with- First. An indication of a particular fund out of which rreimbursement 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 unconditional. Time °‘P¤Ym°¤‘: Sec. 1308. TIME or PAYMENT.-An instrument is payable at a determinable future time, within the meaning hcreof, which is expressed to be payable- First. At a fixed period after date or sight; or, Second. On or before a fixed or determinable future time specified therein· or Third. Oan or at a fixed 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 · ‘ I t the happening of the event does not cure the defect. _A¤d¤¤¤¤¤1 P’°.V1‘ Sec. 1309. PROMISE IN ADDITION TO PROMISE OF PAYMENT.—AH SIOHS I  85€CtlDg`. . . . . . negombimy. lHSlZ1'l1lIl9I]i3 which contains an order or promise to do any act in add1- tion to the payment of money is not negotiable. But the negotiable character of an instrument otherwise negotiable is not affected by a provision which- ’ First. jAuthorizes the sale of collateral securities in case the instrument be·not paid at maturity; or, _ · ` Second. Authorizes a confession of judgment 1f the Instrument be not paid at n1aturity· or Third. Waives thd beriefit 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 otherwise illegal. _0¤1iS¤i0gS,§%&?€€¤*· Sec. 1310. DATE.-The validity and negotiable character of aning °€g° aI instrument are not affectedrby the fact that- First. It is not dated· or Second. Does not spehify; the value given, or that any value has been given therefor- o1· Third. Doesinoti specify the place where it is drawn or the place where it is ayable· or Fourth. Sears a Seal; or, Fifth. Designates a particular kind of current money in which pay- ment is tobe made. 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. dexggg Pemble <>¤ Sec. 1311. INSTRUMENT PAYABLE ON DE11AND.—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.