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Understanding Negotiable Instruments and Payment Systems

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2002 Edition
ISBN: 9781579110369
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This Understanding treatise provides a comprehensive treatment of the subject matter covered by Articles 3, 4 & 4A of the Uniform Commercial Code and by relevant provisions of the Truth in Lending Act, and Fair Credit Billing Act, the Electronic Fund Transfer Act, and Regulations E, J, Z, and CC. A primary focus is directed toward the law of negotiable instruments and of bank deposits and collections. The author also address the existing legal regimes that govern payments made in all forms, including checks and other drafts, cash, credit card, automated clearinghouses, automated teller machines, debit cards, and wholesale fund transfer.

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Table of Contents

Chapter 1: Introduction to Instruments 


1.01 Distinguishing Instruments from Other Personal Property

1.02 Scope -- 3-102

1.03 Historical Context

Chapter 2: Negotiability


2.01 Relevance of Negotiability

2.02 Requisites of Negotiability - 3-104(a)

2.03 Types of Negotiable Instruments - 3-104

Chapter 3: Transfer and Negotiation


3.01 Overview

3.02 Transfer by Assignment

3.03 Transfer of an Instrument

3.04 Negotiation of an Instrument

3.05 Person Entitled to Enforce Instrument - 3-301

3.06 Issue - 3-105

Chapter 4: Contract Obligations


4.01 Liability on the Instrument – Fundamentals - 3-401

4.02 The Contracts

4.03 Disclaimer of Contract Liability

4.04 Surety Liability on the Instrument 3-419

4.05 Authority to Sign

4.06 Enforcement of Lost, Destroyed, or Stolen Instruments - 3-309

Chapter 5: Satisfying the Conditions of Contractual Liability


5.01 Introduction

5.02 The Conditions

5.03 Time Requirements

5.04 Consequences of Failure to Satisfy the Conditions

5.05 Excused Presentment and Notice of Dishonor - 3-504

Chapter 6: Holder in Due Course


6.01 Requirements to Qualify - 3-202(a)

6.02 Rights of Holder in Due Course

6.03 Absence of any Holder-in-Due-Course Rights

6.04 Negotiations That May be Rescinded - 3-202

6.05 Procedural Aspects - 3-308

6.06 Holders in Due Course and Consumers

Chapter 7: Discharge

7.01 Introduction

7.02 Liability on the Instrument

7.03 Liability on the Underlying Transaction

Chapter 8: Warranty Liability


8.01 Overview

8.02 Organization of Warranty Provisions

8.03 Transfer Warranties - 3-416, 4-207

8.04 Presentment Warranties - 3-417, 4-208

8.05 Breach of Warranties - 3-416(b), 3-417(b)

Chapter 9: Prevention of Unjust Enrichment


9.01 Restitution: Recovery of Payment Made by Mistake
9.02 Subrogation: Recovery by Assertion of Rights of Others

Chapter 10: Tort Concepts


10.01 Introduction

10.02 Negligence

10.03 Strict Liability

10.04 Conversion - 3-420

Chapter 11: Check Collection and Payment


11.01 Overview

11.02 Forward Collection

11.03 Payor Banks

11.04 The Return Process

Chapter 12: Relationship Between A Payor Bank and its Customer


12.01 Introduction

12.02 Contractual Basis of the Relationship

12.03 Wrongful Dishonor - 4-402

12.04 Customer’s Right to Stop Payment - 4-403

12.05 Stale Checks - 4-404

12.06 Customer Death or Incompetence - 4-405

Chapter 13: Payment by Cash

13.01 Development of the Concept of Cash

13.02 Legal Tender

13.03 Free Transferability of Cash

13.04 Allocation of Loss

Chapter 14: Payment by Credit Card


14.01 Relationship of the Participants

14.02 Federal Legislation

Chapter 15: Electronic Fund Transfers


15.01 The Systems

15.02 The Electronic Fund Transfer Act and Regulation E

15.03 Operating Rules and Regulation J

15.04 Article 4A of the U.C.C.

Table of Cases

Table of Statutes

Index