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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.
Bat the negotiable character of an instrument otherwise nego-
tiable 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 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 bf 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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