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1932

Yale Law School

Negotiable Instruments Law

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Negotiability Of Corporate Bonds, Roscoe T. Steffen, Henry E. Russell Jan 1932

Negotiability Of Corporate Bonds, Roscoe T. Steffen, Henry E. Russell

Faculty Scholarship Series

There has smouldered for many years a question whether the
Negotiable Instruments Law should apply to long term commercial
paper-the bonds, debentures, equipment trust certificates
and other instruments invented by an ingenious financial community.
Not that any one doubts that such paper should be negotiable,
for there has been no criticism of the decisions so holding,
nor has there been much concern whether negotiability was
reached under the Act or by common law recognition of custom.
But when, as has happened several times in recent years, an instrument
of this class has run afoul the statute and been held
non-negotiable ...