CHAPTER 29

An Act to amend and reenact § 6-857 of the Code of Virginia, relating to
certain provisions which do not affect the negotiable character of
mstruments otherwise negotiable.

[H 83]

Approved February 17, 1960

Be it enacted by the General Assembly of Virginia:
ae That § 6-357 of the Code of Virginia be amended and reenacted as

ollows:

§ 6-357. 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:

Authorizes the sale of collateral securities in case the instrument
be not paid at maturity; or

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; or

(5) States that such instrument is secured by a deed of trust re-
ferred to therein.

But nothing in this section shall validate any provision or stipulation
otherwise illegal.