The Law Of Modern Payment Systems And Notes

"This book discusses the Uniform Commercial Code (U.C.C.) Articles 3, 4, and 4A in detail. It also explains to what extent provisions and interpretive cases decided prior to the promulgation of Article 4A and prior to the 1990 revision of Articles 3 and 4 are still useful, and why changes made were needed. It discusses issues not generally recognized and treated elsewhere, including the meaning of the new standard of good faith, the relation between 'accountability' and 'final payment, ' and consequences of radical truncation. In addition to the discussion of payment Articles in the Uniform Commercial Code, the book contains up to date discussion of other payment systems like credit and debit card systems, and other payment methods including prepaid cards, PayPal, mobile payments, and virtual currency transfers."--

In The End of Negotiable Instruments: Bringing Payments Systems Law Out of the Past, author James Rogers challenges the basic assumptions of the law of checks and notes and its history, and provides a well-reasoned account of how the law could be changed to better suit the evolution of new payment technologies. The modern American law of payment systems is in disarray. Efforts to create a unified body of law for payment systems have so far been unsuccessful. Part of the reason for that failure is the assumption that the existing law works well for the traditional paper-based check system, and that problems have been created only by the evolution of new technologies. The End of Negotiable Instruments argues that this assumption is unfounded. The basic law of checks is itself anachronistic. There are no other books that undertake a similar analysis—there are legal treatises on the law of checks and notes, but all of them take for granted the basic assumptions challenged in this book. Several articles were published in the late twentieth century concerning the dispute over the application of certain doctrines of traditional negotiable instruments law to modern consumer finance transactions, but none of this literature went on to consider the broader question of whether there is anything worthwhile left in negotiable instruments law.

Using a hypothetical example, the author explains the applicable laws of fund (wire) transfers, credit, debit, and charge cards, checks, and other payment methods, including stored value, PayPal[Registered] and others, and then discusses those laws in the context of the hypothetical. Each chapter includes several research resources for additional information as well as handy checklists, forms and agreements. The book is accompanied by a CD-ROM of the checklists, forms and agreements for easy customization.

Adopting Payment Systems gives you the benefit of: - extraordinary authorship from Ronald J. Mann, one of the country's leading commercial law scholars, who recently served as the reporter to Articles 3 and 4 of the Uniform Commercial Code - unmatched scope of coverage -- of checks, credit cards, and debit cards; ACH transactions, wire transfers, and letters of credit; and notes, guaranties, and securities -- reflecting today's payment transactions - adept grounding of the systems approach in hands-on explanation, with analysis built around those explanations, while text and problems focus on the rules that are applied in practice - an efficient problem approach; each of the 29 assignments contains realistic problems that address the major points of each topic - an extensive Teacher's Manual that answers all of the problems in the book and supplies guidance for structuring the assignments around a 50-minute, 75-minute, or two-hour long class Changes for the Third Edition include: - important new cases, such as Halifax Cor. v. Wachovia Bank and NBT Bank v. First National Community Bank - detailed treatment of Check Clearing for the 21st Century Act (Check 21), the federal law designed to enable banks to handle checks electronically, which will make check processing faster and more efficient - updated and expanded material on electronic and internet payment systems, including electronic checks, internet payments, PayPal, stored-value cards, and electronic money

A supplemental text for use in a course devoted to payment systems or in a more general survey course on commercial transactions. Brook (New York Law School) explains the basic law covering modern payment systems, also called negotiable instruments, as they are governed by Articles 3, 4, and 4A of t

Lary Lawrence uses a straightforward approach, careful explanations, and copious examples to make the law of payment systems accessible to students. By placing the rules in their proper business context, he shows how they operate in the real world, while avoiding oversimplification and encouraging solid understanding. Introduction to Payment Systems includes five major areas of coverage: Articles 3 and 4 of the Uniform Commercial Code on negotiable instruments and the bank collection process Federal Reserve Regulation CC covering the bank collection process and funds availability Article 4A covering Wholesale Fund Transfers The Law of Credit Cards The Law of Consumer Electronic Funds Transfers Helpful diagrams, apt examples, and lucid text make Introduction to Payment Systems the reference of choice.

The book allows the reader to become acquainted with the background, terminology, and general outline of the law of negotiable instruments, check collections, credit cards, consumer electronic funds transfers, prepaid value cards and other emerging payment systems. It is an easy-to-read and concise resource.