Material alteration in a negotiable instrument

Sec. 125. What constitutes a material alteration. - Any alteration which changes:

      (a) The date;

      (b) The sum payable, either for principal or interest;

      (c) The time or place of payment:

      (d) The number or the relations of the parties;

      (e) The medium or currency in which payment is to be made;

(f) Or which adds a place of payment where no place of payment is specified, or any other change or addition which alters the effect of the instrument in any respect, is a material alteration.

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