INTERPRETATION
Must be payable to order or to bearer. Must contain an unconditional promise or order to pay It must be in writing and signed by the maker or drawer Must be payable on demand, or at a fixed or determinable future time Where the instrument is addressed to a named or otherwise indicated therein with reasonable certainty.
What constitutes certainty as to sum
The sum payable is a sum certain within the meaning of this although it is to be paid With interest by stated installments by stated installments, with a provision that, upon default in payment of any installment or of interest, the whole shall become due with exchange, whether at a fixed rate or at the current rate with costs of collection or an attorney's fee, in case payment shall not be made at maturity.
Determinable future time; what constitutes
An unqualified order or promise to pay is unconditional within the meaning of this though coupled with An indication of a particular fund out of which reimbursement is to be made or a particular account to be debited with the amount
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 unconditional.
When promise is unconditional
An instrument is payable at a determinable future time, within the meaning of this Act, which is expressed to be payable On or before a fixed or determinable future time specified therein 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.
Must be payable to order or to bearer. Must contain an unconditional promise or order to pay It must be in writing and signed by the maker or drawer Must be payable on demand, or at a fixed or determinable future time Where the instrument is addressed to a named or otherwise indicated therein with reasonable certainty.
What constitutes certainty as to sum
The sum payable is a sum certain within the meaning of this although it is to be paid With interest by stated installments by stated installments, with a provision that, upon default in payment of any installment or of interest, the whole shall become due with exchange, whether at a fixed rate or at the current rate with costs of collection or an attorney's fee, in case payment shall not be made at maturity.
Determinable future time; what constitutes
An unqualified order or promise to pay is unconditional within the meaning of this though coupled with An indication of a particular fund out of which reimbursement is to be made or a particular account to be debited with the amount
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 unconditional.
When promise is unconditional
An instrument is payable at a determinable future time, within the meaning of this Act, which is expressed to be payable On or before a fixed or determinable future time specified therein 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.
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