Section 3--112. Terms and Omissions Not Affecting Negotiability.

(1) The negotiability of an instrument is not affected by

(a) the omission of a statement of any consideration or of the

place where the instrument is drawn or payable; or

(b) a statement that collateral has been given to secure

obligations either on the instrument or otherwise of an

obligor on the instrument or that in the case of default on

those obligations the holder may realize on or dispose of the

collateral; or

(c) a promise or power to maintain or protect collateral or to

give additional collateral; or

(d) a term authorizing a confession of judgment on the instrument

if it is not paid when due; or

(e) a term purporting to waive the benefit of any law intended

for the advantage or protection of any obligor; or

(f) a term in a draft providing that the payee by indorsing or

cashing it acknowledges full satisfaction of an obligation of

the drawer; or

(g) a statement in a draft drawn in a set of parts (Section

3--801) to the effect that the order is effective only if no

other part has been honored.

(2) Nothing in this section shall validate any term which is otherwise
illegal.