An instrument which is payable at the happening of an event which is not morally bound to occur, is not negotiable.1 The provision for payment in such a case is really conditioned upon the happening of such event.2 A note payable when a certain suit is settled,3 or an estate is settled,4 or when a canal is completed,5 is non-negotiable.

If the note is payable, at the option of the holder, on demand, or on the happening of other events which may not happen,6 such as the settlement of an estate,7 it is said to be non-negotiable.