366 ARTICLE 13.

An instrument payable upon a contingency is not negotiable, and the
happening of the event does not cure the defect.

An. Code, sec. 24. 1904, sec. 24. 1898, ch. 119.

24. 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 pro-
vision 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.

While a clause in a note authorizing confession of judgment " at any time "
destroys its negotiability, contra if such clause only authorizes confession of judg-
ment for such sums as are due on the note, that is to say, after maturity. Edelen v.
First Nat. Bank, 139 Md. 424.

An. Code, sec. 25. 1904, 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.

An. Code, sec. 26. 1904, sec. 26. 1898, 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, payable on
demand.