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:
      (a) At a fixed period after date or sight; or
      (b)  On or before a fixed or  determinable  future time specified therein; or
      (c) 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.



      After  the  drawee  has  seen  the  instrument  upon  presentment  for acceptance 


      There are certain notes which contain acceleration provisions 
      Make it possible for the maker to pay the instrument at an earlier date or make it possible for the holder to require payment of the instrument at an earlier date 


1.    That contain acceleration clauses on the maker’s default in payment of installments or of interest, or on the happening of an extrinsic event

2.    Or contain, in notes secured by collateral, a provision that the maker shall supply additional collateral in case of depreciation in the value of the  original  deposit,  with  the  holder’s  right  to  declare  the  note  due immediately on failure to make good the depreciation

a.    Non-negotiable—time  for  payment  becomes  uncertain  and indefinite
b.    It doesn’t render it non-negotiable—that from the standpoint of  expediency  as  encouraging  circulation  and  of  business custom  on  account  of  their  common  acceptance  by  the commercial world, such  clauses should be interpreted as not affecting negotiability

3.    Or  contain  provisions  for  acceleration  when  holder  deems  himself insecure

a.    It  is  rendered  non-negotiable  where  it  is  payable  at  a  fixed and future time, but with an option on the part of the holder to  declare  it  due  and  demandable  before  maturity  whenever he  deems  it  insecure  but  to  hold  them  non-negotiable  is  a spurious construction of the Act 

b.    It  is  rendered  non-negotiable  when  the  whole  condition  is lodged to the holder—middle ground is so long as the basis is dependent  on  factors  not  within  the  control  of  the  holder, then it would still be negotiable 


      The word used in the law is “after” and not before