The Bennington evening banner. (Bennington, Vt.) 19??-1961, 1913-03-05
TITLE I.
ARTICLE /.
Form AND INTERPRETATION.

%OA0 Anu INTERPRETATION.
Section 1. Form OF Negotiable In
strument. An instrument to be negoti-
able must conform to the following re-
quirements:
"a 1t must be in writing and sign
ed by the maker or drawer;
CD Must contain an unconditional
promise or order to pay q sum certain
in money;
CD Must be payable on demand. or
at fixed or determinable future time;
(D Must be payable to order or to
bearer; and
90 Where the instrument Is ad-
dressed to drawee, he must be
named or otherwise indicated therein
with reasonable certainty.
Sec 2. Certainty as to Sum: What
Constitutes. The sum payable Is n
sum certain within the meaning OF
THO act, although 1t is to be paid:r-
% With interest; or
CD By stated instruments; or
CD BY stated instruments, with
provision that upon default in pay
ment Of any instalment or of inter-
est, the whole shall become due; or
(4) With exchange whether at
fixed rate or at the current rate: or
(5) With costs of collection or an
attorneys fee, in case payment shall
not be made at maturity.
Sec. 8. When Promise is Uncondi-
tional. An unqualified order or prom
Use to pay is unconditional within the
meaning Of this act, though coupled
, With
ID An indication of a particular
fund out OF which reimbursement is
to be made, or a particular account
to be debited with the amount; or
CD A statement Of the transaction
which gives rise to the instrument.
But an order or promise to pay out
of a particular fund is not uncondi-
/ tional.
Sec. 4. Determinable Future Time:
What Constitutes. An instrument is
payable at a determinable future time,
within the meaning of this act, which
is expressed to be payable
(D AT a fixed period after date or
sight, or
CD On or before a fixed or deter.
mlnable future time specified therein;
or
go On or at 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 con-
| tingency is not negotiable. and the
happening of the event does not cure
the effect.
Sec. 8. Additional Provisions not
Affecting Negotiability. An instru-
ment 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 provision which,
Cd Authorizes the sale Of collateral
securities in case the instrument be
not paid at maturity; or
CD Authorizes a confession OF judg-
ment If the instrument be not paid
at maturity, or
CD Valves the benefit OF any law
intended for the advantage or pro
lection of the obligor; or
"a Gives the holder an election to
require something to be done In lieu
of payment of money.
But nothing in this section shall val
idate any provision or stipulation
otherwise illegal.
Sec. 6. Omissions; Seal; Particular
Money. The validity and negotiable
character of an instrument are not
affected by the fact that
% II is not dated; or
CD Does not specify the value
given. or that any value has been given
therefor; or
(s) Does not specify the place
where It Is drawn or the place where
1t is payable; or
ca Bears a seal; or
(5) Designates q particular kind OF
current money in which payment Is TO
be made.
But nothing In this section shall
alter or repeal any statute requiring
I'm certain cases the nature OF the con-
sideration to be stated in the instru-
ment.
Sec. Z. When Payable on Demand.
An instrumen is payable on de-
mand:-
% Where it Is expressed TO be pay
able on demand. or at sight or on
presentation: or
CD In which no time for payment
is expressed.
Where an instrument IS issued. &C
| cepted. or Endorsed when overdue. Il
Is, as regards the person so issuing.
accepting, OF indorsing 1t, payable on
demand.
Sec. S. When Payable TO Order. The
instrument is payable TO order where
It is drawn payable to the order
Of a specified person or TO him or his
order. Il may be drawn payable TO
| the order Of:
Cd a payee who is not maker.
drawer. OF drawee; or
az The drawer OF maker: OF
CD The drawee; or
Cd Two or more payees jointly; or
90 One OF some Of several pages:
or
90 The holder Of an ofhce for the
time being.
Where the instrument Is payable 10
order the psyee must be named OF
otherwise indicated therein with rea-
lsonabie certainty.
Sec. 2. WHEN Payable % Bearer.
lThe Instrument is payable % bearer;