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Check Payment: Finality Under The Uniform Commercial Code, John P. Finan
Check Payment: Finality Under The Uniform Commercial Code, John P. Finan
Akron Law Review
May a Bank which pays a check by mistake recover the payment? The answer has traditionally depended upon the law of restitution as modified to fit the peculiar necessities of the law of bills and notes.' Such law determines whether payment may be recovered by balancing the equities between the parties. The leading case in this field is Price v. Neal, which holds that if the payor and the person paid are equally innocent, the law will not shift the loss from one innocent person to another. In Price the signature of the drawer was forged. Unlike the Negotiable Instruments …
Section 542(C) Of The Bankruptcy Reform Act Of 1978 And Section 4-303 Of The Ucc: A Less Than Perfect Fit?, John P. Finan
Section 542(C) Of The Bankruptcy Reform Act Of 1978 And Section 4-303 Of The Ucc: A Less Than Perfect Fit?, John P. Finan
Akron Law Review
The Uniform Commercial Code (UCC) 4-303 addresses two areas where the UCC and the Bankruptcy Code intersect. The first relates to the vulnerability of drawee banks that honor checks after their customer has taken bankruptcy (has filed a voluntary petition or is the defendant in an involuntary case); the second relates to the timing of transfers made by check under 547 of the Bankruptcy Code (the preference section). In both areas there is a less than perfect fit between the Bankruptcy Code and UCC 4-303. The first area poses problems for practitioners whose clients have received notice of bankruptcy in …