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.