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A GENERAL ACT RELATING TO NEGOTIABLE INSTRUMENTS,
BEING AN ACT TO ESTABLISH A LAW UNIFORM WITH THE
Sec. 1. Form of negotiable instrument.
16. Delivery; when effectual; when presumed.
Sec. 47. Continuation of negotiable character.
Sec. 105. When sender deemed to have given due notice.
Sec. 183. When deemed to be an acceptance for honor of the drawer.
NEGOTIABLE INSTRUMENTS IN GENERAL.
FORM AND INTERPRETATION. Section 1. An instrument to be negotiable must conform to the following requirements:
I. It must be in writing and signed by the maker or drawer;
II. Must contain an unconditional promise or order to pay a sum certain in money; .
III. Must be payable on demand, or at a fixed or determinable future time;
IV. Must be payable to order or to bearer; and,
must be named or otherwise indicated therein with reasonable certainty.
Sec. 2. The sum payable is a sum certain within the meaning of this act, although it is to be paid:
I. With interest; or
III. By stated installments, with a provision that upon default in payment of any installment or of interest, the whole shall become due; or
IV. With exchange, whether at a fixed rate or at the current rate; or
V. With costs of collection or an attorney's fee, in case payment shall not be made at maturity.
Sec. 3. An unqualified order or promise to pay is uncon. ditional within the meaning of this act, though coupled with:
An indication of a particular fund out of which reimbursement is to be made, or a particular account to be de. bited with the amount; or
II. 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.
Sec. 4. An instrument is payable at a determinable future time, within the meaning of this act, which is expressed to be payable:
1. Ata fixed period after date or sight; or
II. On or before a fixed or determinable future time specified therein; or
III. On 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 the happening of the event does not cure the de. fect.
Sec. 5. An instrument which contains an order or promise to do any act in addition to the payment of money is not negotiable. But the negotiable character of an instrument otherwise negotiable is not affected by a provision which:
I. Authorizes the sale of collateral securities in case the instrument be not paid at maturity; or
II. Authorizes a confession of judgment if the instrument be not paid at maturity; or
III. Waives the benefit of any law intended for the advantage or protection of the obligor; or
IV. Gives the holder an election to require something to be done in lieu of payment of money.