ART. 13] NEGOTIABILITY—VALIDITY. 25

3. 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 defect.

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 negoti-
able 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; or

3. Waives the benefit of any law intended for the advantage
or protection 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
stipulation otherwise illegal.

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.

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