Chap. 347.—An ACT to amend and re-enact sections 5566 and 5567 of the Code
of Virginia, relating to negotiable instruments. [H B 309]

Approved March 29, 1934

1. Be it enacted by the General Assembly of Virginia, That sec-
tions fifty-five hundred and sixty-six and fifty-five hundred and sixty-
seven of the Code of Virginia, be amended and re-enacted so as to
read as follows:

Section 5566. Determinable future time; what constitutes—An
instrument is payable at a determinable future time within the mean-
ing of this chapter which is expressed to be payable—

1. Ata fixed period after date or sight; or

2. On or before a fixed or determinable future time specified
therein; or

3. 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.

An instrument payable upon a contingency is not negotiable, and
the happening of the event does not cure the defect, but an imstru-
ment payable at a determinable future time is negotiable even though
it may mature or be declared due upon a contingency happening be-
fore such future time.

Section 5567. Additional provisions not affecting negotiability —
An instrument which contains an order or promise to do any act in
addition to the payment of money is not negotiable. 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 instru-
ment 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 stipula-
tion otherwise illegal.