Page:United States Statutes at Large Volume 47 Part 1.djvu/1332

 1308 72d CONG RESS. SESS. IL CH. 128. F EBRUARY 27, 1933 . (3) By stated installments, with a provision that upon default in payment of any installment or of interest, the whole shall become due; or (4) With exchange, whether at a fixed rate or at the cu rrent rate ; or (5) With costs of collection or an attorney's fee, in case payment shall not be made at maturity. LUnconditional prom- SEC. 1402. UNQUAL IFIED PROMISE UNCONDITIONAL .-An unqu alifie d order or pr omise to pay is uncond ition al wi thin the me aning of chapters 66 to 69 of this code, though coupled with- (1) An indication of a particular fund out of which reimburse- ment is to be made, or a particular account to be debited with the amount ; or (2) 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 for payment. SEC. 1403. TIME FOR PAYMENT. - An instrument is payable at a determinable, future time, within the meaning of chapters 66 to 69 of this code, which is expressed to be payable- (1) At a fixed period after date or sight ; or (2) On or before a fixed or determinable future time specified therein ; or (3) On or at a fixed period after the occurrence of a specified ev ent, whi ch is ce rtain to happen, though the time of happ ening be uncertain. An instrument payable upon a contingency is not negotiable, and the happening of th e event does not cure the defect. Non neg oti abl e in- SEC. 1404 . NONNEGOTIABLE INSTRUMENT .-An, instrument which strument, contains an order or promise to do any act us addition to the pay- Exceptions. men t of money - is not negotiable. But the negotiable character of an instrument otherwise negotiable is not affected by a provision which - (1) Authorizes the sale of collateral securities in case the instru- ment be not paid at maturity ; or (2) Authorizes a confession of judgment, if the instrument be not paid at maturity ; o r (3 ) Waives the ben efit of any law intended for the advanta ge or protection of th e obligor ; o r (4) 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 stipu- lation otherwise illegal. fec otiability not af- SEC. 1405. NEGOTIABILITY NOT AFFECTED .-The validity and negoti- abl e character of a n instrument are not affected by the fact that- (1)Itisnotdated;or (2) Does not specify the value given, or that any value has been given therefor ; or (3) Does not specify the place where it is drawn or the place where it is payable ; or (4) Bears a seal ; or (5) Designa tes a pa rticular kind of current money i n which pay- ment is to be made. But nothing in this section shall alter or repeal any statute requir in (r in certain cases the nature of the consideration to be stated in the instrument.