Mastering Negotiable Instruments (UCC Articles 3 and 4) and Other Payment Systems

by Floyd, Michael D.

• ISBN13: 9781594603662
• ISBN10: 1594603669
• Format: Paperback
• Copyright: 2008-08-01
• Publisher: Carolina Academic Press

Summary

Mastering Negotiable Instruments (UCC Articles 3 and 4) and Other Payment Systems explains the essential concepts in the law governing payment systems. The book focuses primarily on the prototypical payment systems that for centuries have used negotiable instruments: notes, checks, and other types of drafts. It explores the rules and mechanisms that regulate transactions in negotiable instruments from issue to collection. Study of the rules starts with UCC Article 3 (governing negotiable instruments generally) and Article 4 (governing check collection), but also requires consideration of federal statutes such as the Expedited Funds Availability Act, the new Check Clearing for the 21st Century Act, and related federal regulations. The book also explores the largely federal law governing newer payment systems that have evolved from negotiable instruments, such as credit cards and debit cards. This book is part of the Carolina Academic Press Mastering Series edited by Russell L.Weaver, University of Louisville School of Law.

Table of Contents

Introduction	p. 3
The Law Governing Payment Systems: Uniform Law, Other State Law, Federal Law, Private Ordering Arrangements, and International Law	p. 7
Negotiable Instruments (UCC Article 3)
Drafts and Notes	p. 17
Specialized Negotiable Instruments	p. 23
Characteristics of All Negotiable Instruments	p. 31
Issue, Transfer, and Negotiation of Negotiable Instruments	p. 41
Holders, the Holder-In-Due-Course Doctrine, and the Shelter Rule	p. 47
Basic Liability Rules for Negotiable Instruments	p. 65
Payment and Other Means of Discharge	p. 75
Secondary Obligors: Guarantors, Sureties, Accommodation Parties, and Other Secondary Sources of Repayment	p. 81
Underlying Obligations: Suspension and Discharge	p. 103
Check Collection (UCC Article 4 and Related Federal Law)
Forward Collection, Presentment, and Final Payment	p. 111
Funds Availability to Depositors	p. 125
Dishonor, Return Mechanisms, Deadlines, and Bank Liability	p. 133
Fundamental Loss Allocation under the UCC	p. 147
Specialized UCC Loss Allocation Rules for Negotiable Instruments	p. 163
Other Payment Systems
The Law of Credit Cards	p. 177
The Law of Debit Cards	p. 187
Funds Transfers (UCC Article 4A)	p. 193
Epilogue	p. 201
Master Checklist	p. 203
Index	p. 207
Table of Contents provided by Blackwell. All Rights Reserved.