9780890892589

Payment Systems, Banking and Documentary Transactions

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  • ISBN13:

    9780890892589

  • ISBN10:

    089089258X

  • Format: Hardcover
  • Copyright: 2003-01-01
  • Publisher: Carolina Academic Pr
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Table of Contents

Acknowledgments xvii
Introduction 3(1)
The Old: A Historical Note
3(2)
The New: Electronic Fund Transfer Systems (EFTS)
5(2)
Common Elements in All EFTS
6(1)
EFTS as Payment Systems
6(1)
The Prospects for a Cashless Society
7(1)
Scope of the Subject
7(1)
Scope of Application of Article 3
8(1)
Relevant State Law
8(1)
Relevant Federal Law
8(1)
The Concept of Negotiability
9(4)
Negotiable Instruments Compared to Money
9(1)
The Role of Negotiable Instruments and the Concept of Negotiability
10(2)
The Economic Implications of Negotiability and the Impact of Consumer Protection Laws
12(1)
Various Negotiable Instruments Defined
13(4)
PART I PROMISSORY NOTES
The Formal Requisites of Negotiability
17(26)
Emerson v. Zagurski
18(3)
Writing, Signed by the Maker or Drawer, and Words of Negotiability
21(2)
Writing
21(1)
Signature
21(1)
Words of Negotiability: ``Payable to Bearer or to Order''
21(1)
Problem 1-1
22(1)
Who Is Entitled to Indorse?
22(1)
Problem 1-2
23(1)
Unconditional Promise or Order to Pay
23(7)
Problem 1-3
23(1)
Notes
23(1)
``Subject to'' Language
24(1)
Telerecovery of Louisiana, Inc. v. Gaulon
24(3)
Problem 1-4
27(1)
Problem 1-5
28(1)
Notes
28(1)
The Effect on the Instrument of Unmentioned Side Agreements
29(1)
Problem 1-6
29(1)
Notes
29(1)
A Fixed Amount of Money
30(2)
Problem 1-7
30(1)
Notes
31(1)
On Demand or At a Definite Time
32(6)
Krajcir v. Egidi
32(3)
Notes
35(1)
On Demand
35(1)
Definite Time
35(1)
Subject to Acceleration or Extension
36(1)
Problem 1-8
36(1)
Note
37(1)
Problem 1-9
37(1)
Notes
37(1)
A Negotiable Instrument Must Be a Courier without Luggage
38(3)
Problem 1-10
38(1)
Notes
39(2)
Contracting Into, and Out of, §3-104
41(2)
The Liability of the Parties to Promissory Notes
43(44)
The Nature of Primary and Secondary Liability
43(14)
Hane v. Exten
43(3)
The Maker
46(1)
Problem 2-1
46(1)
Notes
47(1)
Designating the Parties: Who Is the Maker?
47(1)
Notes Made by Agents and Other Representatives
47(1)
Mundaca Investment Corp. v. Febba
48(2)
Problem 2-2
50(1)
Problem 2-3
51(1)
Note
51(1)
Signatures in Ambiguous Circumstances
51(1)
Problem 2-4
52(1)
The Indorser's Liability
52(1)
Liability on the Indorsement Contract
52(1)
Problem 2-5
53(1)
Note
53(1)
Presentment, Dishonor, Notice and Protest
53(1)
Presentment
53(1)
Problem 2-6
54(1)
Notes
55(1)
Dishonor and Notice of Dishonor
55(1)
Problem 2-7
55(1)
Notes
56(1)
Problem 2-8
56(1)
Waiver or Excused Presentment and Notice of Dishonor
57(1)
Problem 2-9
57(1)
Warranties
57(4)
Who Gives Transfer Warranties and to Whom Do They Run?
58(1)
Disclaimer of Warranties
59(1)
Problem 2-10
59(1)
Note
60(1)
Measure of Damages
60(1)
Problem 2-11
61(1)
Who is a PETE?
61(6)
Problem 2-12
61(1)
Note
62(1)
Dennis Joslin Co. v. Robinson Broadcasting Corp.
62(3)
Bobby D. Associates v. Dimarcantonio
65(1)
Note
66(1)
Accommodation Parties
67(19)
Suretyship Law
67(1)
Floor v. Melvin
67(3)
Note
70(1)
The Accommodation Contract
70(1)
Venaglia v. Kropinak
70(3)
Problem 2-13
73(1)
Note
74(1)
Problem 2-14
74(1)
Note
75(1)
Problem 2-15
75(1)
The Accommodation Party's Affirmative Rights
75(1)
Notes
76(1)
Problem 2-16
76(1)
Notes
77(1)
Problem 2-17
77(1)
Note
78(1)
The Accommodation Party's Defenses
78(1)
Venaglia v. Kropinak
78(7)
Problem 2-18
85(1)
The Underlying Contract
86(1)
Problem 2-19
86(1)
Defenses to Liability
87(32)
Holder in Due Course
88(16)
Negotiation: §3-201
88(1)
Holder: §1-201(b)(21)
89(1)
Problem 3-1
89(1)
Holder in Due Course Defined: §3-302
90(1)
Value: §3-303
91(1)
Problem 3-2
91(1)
Note
92(1)
Problem 3-3
92(1)
Problem 3-4
92(1)
Good Faith: §1-201
93(1)
Maine Family Federal Credit Union v. Sun Life Assurance Company of Canada
93(9)
Notes
102(1)
Problem 3-5
102(1)
Without Notice --- Overdue, Dishonored, Default
103(1)
Problem 3-6
103(1)
Without Notice of Claims or Defenses
103(1)
Problem 3-7
103(1)
Judicial and Legislative Qualifications to Negotiability in Consumer Transactions
104(8)
De La Fuente v. Home Savings Ass'n
105(2)
Ford Motor Credit Company v. Morgan
107(4)
Notes
111(1)
Successors to Holder in Due Course--- The Shelter Doctrine
112(1)
Problem 3-8
112(1)
Real and Personal Defenses
112(3)
Problem 3-9
112(1)
Note
113(1)
Problem 3-10
113(1)
Problem 3-11
114(1)
Problem 3-12
114(1)
Problem 3-13
115(1)
Claims of Ownership and Conversion
115(1)
Problem 3-14
115(1)
Notes
116(1)
Claims in Recoupment
116(1)
Problem 3-15
116(1)
PART II DRAFTS AND CHECKS
Formal Differences
117(1)
Functional Differences
117(2)
Rights and Duties under the Drawer-Drawee Relationship
119(50)
Non-Bank Drawees
119(2)
Norton v. Knapp
119(2)
Banks as Drawees, the Federal Reserve System, and Check Collection
121(8)
Blake v. Woodford Bank & Trust Co.
123(6)
The Contract of Deposit and Damages for Wrongful Dishonor
129(1)
Problem 4-1
129(1)
The Bank's Right to Charge the Drawer's Account: The Properly Payable Rule
130(39)
Conditional Orders
130(1)
Problem 4-2
130(1)
Post-dated Checks, Stale Checks, and Overdrafts
131(1)
Problem 4-3
131(1)
Problem 4-4
131(1)
Problem 4-5
132(1)
Order in Which Items May Be Charged
132(1)
Problem 4-6
132(1)
Problem 4-7
133(1)
Notes
134(1)
Forgeries, Fictious Payees, Impostors and Alterations
134(1)
Problem 4-8
134(1)
Problem 4-9
135(1)
Problem 4-10
136(1)
Problem 4-11
137(1)
HSBC Bank USA v. F & M Bank Northern Virginia
137(4)
Problem 4-12
141(1)
Problem 4-13
141(1)
Gina Chin & Associates, Inc. v. First Union Bank
142(2)
Note
144(1)
Duty to Examine Cancelled Items
144(1)
American Airlines Employees Federal Credit Union v. Martin
144(11)
Notes
155(1)
Problem 4-14
156(1)
Problem 4-15
156(1)
Death or Incompetence of Drawer
157(1)
Problem 4-16
157(1)
Note
158(1)
Stop Payment Orders and Orders to Close Account
158(1)
Rovell v. American National Bank
158(9)
Problem 4-17
167(1)
Problem 4-18
167(2)
The Holder's Rights Against the Drawer and Other Parties to Checks and Drafts
169(38)
Tepper v. Citizens Federal Savings & Loan
169(2)
Note
171(1)
Holder's Rights Against the Drawer
171(5)
Presentment and Dishonor
172(1)
Problem 5-1
172(1)
Note
173(1)
Time for Presentment and Dishonor
173(1)
Problem 5-2
173(1)
Presentment for Acceptance and Notice of Dishonor
174(1)
Problem 5-3
174(1)
Problem 5-4
175(1)
Problem 5-5
175(1)
Holder's Rights Against the Payor Bank and Collecting Banks
176(21)
Drafts and Checks as Assignments
176(1)
Problem 5-6
176(1)
Acceptance and Certification
177(1)
Problem 5-7
177(1)
Conversion
178(1)
In Re McMullen Oil Co.
178(11)
Problem 5-8
189(1)
The Deposit and Collection of Checks: Restrictive Indorsements and Other Instructions
190(1)
Problem 5-9
191(1)
Note
192(1)
Problem 5-10
193(1)
Problem 5-11
193(1)
Note
194(1)
Problem 5-12
195(1)
Problem 5-13
196(1)
Notes
196(1)
Funds Availability Under Regulation CC
197(1)
Problem 5-14
197(1)
Payor Bank's Recovery of Money After Final Payment and Settlement
197(4)
Forgery and Payor Bank's Right to Recover After Final Payment
198(1)
Problem 5-15
198(1)
Problem 5-16
198(1)
Problem 5-17
199(1)
Alteration Before and After Final Payment and Final Settlement
199(1)
Problem 5-18
199(1)
Mistake
200(1)
Problem 5-19
200(1)
Problem 5-20
201(1)
Cashier's Checks and Teller's Checks
201(6)
Problem 5-21
202(5)
PART III DOCUMENTARY TRANSACTIONS
Documents of Title ---Article 7
207(18)
Some Comparisons of Documents of Title with Negotiable Instruments
208(1)
The Typical Parties in a Documentary Transaction
209(4)
Branch Banking & Trust Co. v. Gill
210(3)
The Storage and Carriage Contract: §§7-201, 7-302, 7-204, 7-403, 7-309
213(3)
Scope of Issuer's Responsibility
214(1)
Failure to Deliver
214(1)
Problem 6-1
214(1)
Note
214(1)
Nonreceipt and Misdescription
214(1)
Problem 6-2
214(1)
Notes
215(1)
Impact of Due Negotiation on Equities of Ownership --- Cut-Off Power
216(1)
Problem 6-3
216(1)
Problem 6-4
216(1)
Problem 6-5
217(1)
Shipments Under Reservation: §§2-310, 2-505
217(8)
Buyer Defaults --- Seller's Rights Against the Bailee
218(1)
Problem 6-6
218(1)
Buyer Defaults --- Seller's Rights Against the Buyer
219(1)
Problem 6-7
219(1)
Buyer Defaults --- Seller's Rights Against Collecting Bank
220(1)
Problem 6-8
220(1)
Seller Defaults --- Seller's Rights Against Collecting Banks
221(1)
Problem 6-9
221(1)
Seller Defaults --- Seller's Rights Against Depositary Bank
222(1)
Problem 6-10
222(1)
Note
223(1)
Buyer's Right of Inspection in Domestic and International Transactions
223(1)
Problem 6-11
223(1)
Problem 6-12
224(1)
Letters of Credit
225(38)
Commercial Letters of Credit
227(1)
Issuer's Duty and Privilege to Honor Letter of Credit
228(19)
Sztejn v. J. Henry Schroder Banking Corp.
228(2)
Note
230(1)
Srs Products Co. v. Lg Engineering Co., Ltd.
231(4)
Problem 7-1
235(2)
Colorado National Bank of Denver v. Board of County Commissioners of Routt County, Colorado
237(5)
Mellon Bank, N.A. v. General Electric Credit Corp.
242(5)
Issuer's Obligation to the Applicant and the Beneficiary: The Strict Compliance Doctrine
247(16)
New Braunfels National Bank v. Odiorne
247(3)
In Re Coral Petroleum, Inc.
250(4)
Samuel Rappaport Family Partnership v. Meridian Bank
254(2)
Kerr-Mcgee Chemical Corp. v. Fdic
256(3)
Note
259(1)
Problem 7-2
259(2)
PART IV ELECTRONIC FUND TRANSFER SYSTEMS (EFTS)
Governing Legislation
261(1)
Fedwire and Other Wire Networks: Commercial and Consumer Transfers
262(1)
Consumer EFTS
263(20)
The Electronic Fund Transfer Act --- Scope of Coverage
263(5)
Kashanchi v. Texas Commerce Medical Bank, N.A.
264(4)
Notes
268(1)
Consumer Electronic Fund Transfer Conventions
268(15)
The Automated Teller Machine (ATM)
268(1)
Kruser v. Bank of America NT & SA
269(4)
Note
273(1)
Ognibene v. Citibank, N. A.
273(3)
Problem 8-1
276(1)
Notes
277(1)
Point of Sale (POS)
278(1)
Automated Clearing House (ACH) --- Commercial and Consumer Transfers
278(2)
ACH Credit Transfers
280(1)
ACH Debit Transfers
280(1)
Problem 8-2
281(2)
Commercial EFTS
283(22)
Wholesale Wire Transfers and Article 4A
283(6)
Shawmut Worcester County Bank v. First American Bank
286(3)
Chips
289(8)
Banque Worms v. Bankamerica International
290(7)
Notes
297(1)
Swift
297(8)
Manufacturas International, Ltda v. Manufacturers Hanover Trust Co.
298(2)
Problem 9-1
300(1)
Note
301(2)
Problem 9-2
303(2)
Credit Cards
305(40)
The Nature and Operation of the Credit Card Payment System
305(10)
Broadway National Bank v. Barton-Russell Corp.
307(8)
Unauthorized Use
315(12)
Telco Communications Group, Inc. v. Race Rock of Orlando, L.L.C.
316(4)
Martin v. American Express, Inc.
320(2)
Minskoff v. American Express Travel Related Services Co.
322(5)
Billing Errors
327(12)
Gray v. American Express Company
328(6)
Strange v. Monogram Credit Card Bank of Georgia
334(3)
Note
337(1)
Problem 10-1
338(1)
Asserting Claims and Defenses Against the Issuer
339(6)
Izraelewitz v. Manufacturers Hanover Trust Company
339(2)
Plutchok v. European American Bank
341(1)
Notes
342(1)
Problem 10-2
343(2)
Tables of Cases 345(2)
Table of Statutes 347(6)
Index 353

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