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The Maryland Code Public General Laws, 1904
Volume 393, Page 329   View pdf image (33K)
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ART. 13] FORM AND INTERPRETATION. 329

24. An instrument which contains an order or promise to
do any act in addition to the payment of money is not negoti-
able. 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 protection of the obligor; or

4. Gives the holder on 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

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.

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


 

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The Maryland Code Public General Laws, 1904
Volume 393, Page 329   View pdf image (33K)
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