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

(2. Authorizes a confession of judgment; or) 3. Waives the benefit of any law intended for the advantage or protection of the obligor; or

(3. Waives the benefit of any law intended for the advantage or protection of the obligator; 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 or authorize the waiver of exemptions from execution.

[VALIDITY AND NEGOTIABILITY, HOW NOT AFFECTED.] 6. 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.

(5. Is payable in currency or current funds; or designates a particular kind of current money in which payment is to be made.)

[PAYABLE ON DEMAND.] § 7. 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 over due, it is, as regards the person so issuing, accepting or indorsing it, payable on demand.

Vol. IX.-6.

[PAYABLE TO ORDER.] § 8. 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:

or

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

2. The drawer or maker; or

3. The drawee; or

4. Two or more payees jointly; or
5. One or some of several payees; or
(5. One or more of several payees; or)

6. The holder of an office for the time being.

7. An instrument payable to the estate of a deceased person shall be deemed payable to the order of the administrator or executor of his estate.

Where the instrument is payable to order, the payee must be named or otherwise indicated therein with reasonable certainty.

[PAYABLE TO BEARER.] § 9. The instrument is payable to bearer:

1. When it is expressed to be so payable; or

2. When it is payable to a person named therein or bearer; or

3. When it is payable to the order of a fictitious or non-existing person, and such fact was known to the person making it so payable; or

(3. When it is payable to the order of a person known by the drawer or maker to be fictitious or nonexistent or of a living person not intended to have any interest in it; or)

4. When the name of the payee does not purport to be the name of any person; or

5. When the only or last endorsement is an endorsement in blank.

(5. When although originally payable to order, it is indorsed in blank by the payee or a subsequent endorsee.)

[NEED NOT FOLLOW WORDS OF STATUTE.] § 10. The negotiable instrument need not follow the language of this act, but any terms are sufficient which clearly indicate an intention to conform to the requirements thereof.

[DATE DEEMED DATE.] § 11. When the instrument or an acceptance or any indorsement thereon is dated, such date is deemed prima facie to be the true date of the making, drawing, acceptance or indorsement, as the case may be.

[ANTEDATED, OR POST-DATED INSTRUMENT TAKES EFFECT FROM DELIVERY.] § 12. The instrument is not invalid for the reason only that it is antedated or post-dated, provided this is not done for an illegal or fraudulent purpose. The person to whom an instrument so dated is delivered acquires the title thereto as of the date of delivery.

[UNDATED ANY HOLDER MAY INSERT DATE. § 13. When an instrument expressed to be payable at a fixed period after date is issued undated, or where the acceptance of an instrument payable at a fixed period after sight is undated, any holder may insert therein the true date of issue or acceptance, and the instrument shall be payable accordingly. The insertion of a wrong date does not avoid the instrument in the hands of a subsequent holder in due course, but as to him, the date so inserted is to be regarded as the true date.

[SIGNED IN BLANK, MAY BE FILLED BY HOLDER AFTER DELIVERY.] & 14. Where the instrument is wanting in any material particular, the person

in possession thereof has a prima facie authority to complete it by filling up the blanks therein. And a signature on a blank paper delivered by the person making the signature in order that the paper may be converted into a negotiable instrument operates as a prima facie authority to fill it up as such for any amount. In order, however, that any such instrument when completed may be enforced against any person who became a party thereto prior to its completion, it must be filled up strictly in accordance with the authority given and within a reasonable time. But if any such instrument, after completion, is issued or negotiated to a holder in due course it is valid and effectual for all purposes in his hands, and he may enforce it as if it had been filled up strictly in accordance with the authority given and within a reasonable time.

[INCOMPLETE INSTRUMENT NEGOTIATED WITHOUT AUTHORITY, VOID.] § 15. Where an incomplete instrument has not been delivered it will not, if completed and negotiated, without authority, be a valid contract in the hands of any holder, as against any person whose signature was placed thereon before delivery.

[DELIVERY REQUIRED WHEN PRESUMED.] § 16. Every contract on a negotiable instrument is incomplete and revocable until delivery of the instrument for the purpose of giving effect thereto. As between immediate parties, and as regards a remote party other than a holder in due course, the delivery, in order to be effectual, must be made either by or under the authority of the party making, drawing, accepting or indorsing, as the case may be; and in such case the delivery may be shown to have been conditional or for a special purpose only, and not for the purpose

of transferring the property in the instrument. But where the instrument is in the hands of a holder in due course, a valid delivery thereof by all parties prior to him so as to make them liable to him, is conclusively presumed. And where the instrument is no longer in the possession of a party whose signature appears thereon, a valid and intentional delivery by him is presumd until the contrary is proved.

[AMBIGUITIES AND OMISSIONS-RULES OF CONSTRUCTION.] § 17. Where the language of the instrument is ambiguous, or there are omissions therein, the following rules of construction apply:

1. Where the sum payable is expressed in words and also in figures and there is a discrepancy between the two, the sum denoted by the words is the sum payable; but if the words are ambiguous or uncertain, reference may be had to the figures to fix the amount.

2. Where the instrument provides for the payment of interest, without specifying the date from which interest is to run, the interest runs from the date of the instrument, and if the instrument is undated, from the issue thereof.

3. Where the instrument is not dated, it will be considered to be dated as of the time it was issued.

4. Where there is conflict between the written and printed provisions of the instrument, the written provisions prevail.

5. Where the instrument is so ambiguous that there is doubt whether it is a bill or a note, the holder may treat it as either, at his election.

6. Where a signature is so placed upon the instrument that it is not clear in what capacity the person making the same intended to sign, he is to be deemed an indorser.