274 BILLS OF EXCHANGE AND PROMISSORY NOTES. [ART. 13

1904. art. 13, sec. 24. 1898, ch. 119.

24. An instrument which contains an order or promise to do any
act 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:

1. Authorizes the sale of collateral securities in case the instrument
be not paid at maturity; or

2. Authorizes a confession of judgment if the instrument be not paid
at maturity; or

3. Waives the benefit of any law intended for the advantage or pro-
tection of the obligor; or

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 stipula-
tion otherwise illegal.

Ibid. sec. 25. 1898. ch. 119.

25. The validity and negotiable character of an instrument are not
affected by the fact that:

1. It is not dated; 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. Designates a particular kind of current money in which payment
is to be 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.

This section applied to a note under seal. Arnd v. Heckert. 108 Md. 302.

Ibid. sec. 26. 1S9S, ch. 119.
26. An instrument is payable on demand:

1. Where it is expressed to be payable on demand, or at sight, or on
presentation; or

2. In which no time for payment is expressed.

Where an instrument is issued, accepted, or indorsed when overdue,
it is, as regards the person so issuing, accepting, or indorsing it. paya-
ble on demand.

Ibid. sec. 27. 1898, ch. 119.

27. The instrument is payable to order where it is drawn payable
to the order of a specified person, or to him or his order. It may be
drawn payable to the order of:

1. A payee who is not maker, drawer or drawee; or

2. The drawer or maker; or