Negotiable instrument. An instrument that may be negotiated ; specifically, in law, an instrument
transferable by assignment, indorsement or delivery.  There are but three forms of negotiable
instruments in common use, viz: Check, bill of exchange (draft) and promissory note.  An
instrument to be negotiable must contain an unconditional promise or order to pay a certain sum
in money; must be payable on demand or at a fixed or determinable future time; must be payable
to order or to bearer; and when the instrument is addressed to a drawee he must be named or
indicated therein with a reasonable certainty.  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 is not affected by a provision which authorizes the sale of collateral securities in
case of failure to pay at maturity or authorizes a confession of judgment if not paid at maturity or
waives the benefit of any law intended for the advantage or protection of the obligor (the one upon
whom the obligation to pay rests) or gives the holder the privilege of requiring something to be
done in lieu of payment of money.