The validity and negotiability of an instrument is not affected by the fact that:

1. it is not dated
2. does not specify the value given or that any had been given
3. does not specify the place where it is drawn or payable
4. bears a seal
5. designates the kind of current money in which payment is to be made (Sec. 6 NIL)
Instrument is payable upon demand if:
a. it is expressed to be so payable on sight or upon presentation
b. no period of payment is stipulated
c. issued, accepted, or endorsed after maturity (Sec. 7 NIL)
Where an instrument is issued, accepted or indorsed when overdue, it is, as regards to the person so issuing, accepting, or indorsing it, payable on
demand.

Section 6
Omissions; seal; particular money. — The validity and negotiable character of an instrument are not affected by the fact that —
a) It is not dated; or
b) Does not specify the value given, or that any value has been given therefor; or
c) Does not specify the place where it is drawn or the place where it is payable; or
d) Bears a seal; or
e) Designates a particular kind of current money in which payment is to be made. But nothing in this section shall alter or repeal any
statue requiring in certain cases the nature of the consideration to be stated in the instrument

Effect of omission of date.

1. The date in a bill or note is not necessary. Hence, the omission of the date will not make the instrument non-negotiable. In such
case, the instrument will be considered to be dated as of the time it was issued.
2. If there is a date stated, but there is no such date in the calendar, the law will deem the nearest date of the month the date intended. .
Thus, a note dated September 31 will be construed as to have been intended for September 30.
3. There are, however, cases where the date is necessary to determine the date of maturity as:
a) where said date is tied to the date of issue (e.g., an undated note is "payable thirty days after date"); or
b) where interest is stipulated for the purpose of determining when the interest is to run or
c) in the case of the promissory note, the date of issue, and in the case of the bill of exchange, the date of the last negotiation
thereof, for the purpose of determining whether a party acted within a reasonable time in making presentment for payment.

Effect of omission of value.

It is usual to state in the instrument that it is given for "value received" without specifying what that value is. But it is not even necessary to state
that value has been received for the instrument because consideration is presumed.

Effect of omission of place.

Section 1 does not require a negotiable instrument to specify the place where it is made or drawn or where it is payable. However, Section 73
specifies where presentment for payment should be made when the place of payment is not specified. If the place of execution or payment is not
stated, it is presumed to be the maker's or drawer's place of business or his home.

Effect of presence of seal. There is no difference in legal effect between sealed and unsealed private writings.

Section 7
When payable on demand. —An instrument is payable on demand —
a) Where it is expressed to be payable on demand, or at sight, or on presentation; or
b) In which no time for payment is expressed.
 Where an instrument is issued, accepted, or indorsed when overdue, it is, as regards the person so issuing, accepting, indorsing it,
payable on demand.
What do we mean payable on demand?
An instrument payable on demand is due and payable immediately after delivery. It is a present debt due at once.
1) Expressed to be payable on demand.
EXAMPLES: "I promise to pay to bearer on demand P10,000.00. Instead of "on demand," the words "at sight" or "or presentation"
or "on call" or "at any time called for," or "at such times as the payee may require," or "at the holder's convenience ," may be used.
The words "on demand" are ordinarily used in promissory notes while the words "at sight," in bills of exchange. "At sight" means that
the instrument is payable as soon it is seen by the party primarily liable.
2) No time for payment is expressed.
EXAMPLE: "Pay to P or order P10,000.00." The above (a check) is an instrument payable on demand because it does not express the
time for payment
3) Payable on demand as regards the maker.
EXAMPLE: A note dated July 3, 2010 and payable "thirty days after date" was issued on August 4, 2010 (when it was already
overdue).
4) Payable on demand as regards the acceptor.
 EXAMPLE: A bill payable on July 20,2010 was accepted by the drawee on July 21,2010.
5) Payable on demand as regards the indorser.
EXAMPLE: A note payable "thirty days" after July 1,2010 and indorsed on August 1,2010. The indorsement after maturity, in legal
effect, creates a new instrument payable on demand.