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Articles 1 - 16 of 16
Full-Text Articles in Law
The Basic Principle Of Loss Allocation For Unauthorized Checks, James S. Rogers
The Basic Principle Of Loss Allocation For Unauthorized Checks, James S. Rogers
James S. Rogers
It is commonly thought that the Uniform Commercial Code adopts a negligence principle as the basis of loss allocation for the check system. This Article argues that this common assumption is wrong. Instead, the fundamental principle of the check system and all other payment systems is that the burden of unpreventable losses should rest with the providers of the payment system rather than with the users of the payment system. The Article shows that the old English case of Price v. Neal is not, as is commonly thought, an anomaly but is instead entirely consistent with the basic principle of …
Book Review: Benjamin Geva, Bank Collections And Payment Transactions, Arnold S. Rosenberg
Book Review: Benjamin Geva, Bank Collections And Payment Transactions, Arnold S. Rosenberg
ExpressO
The author reviews Geva, Bank Collections and Payment Transactions (Oxford University Press, 2001). The book is the first comprehensive work on the comparative law of checks and electronic funds transfers, and attempts to identify a universal "law merchant" governing checks and electronic funds transfers in these bodies of law.
Goldstein's Curse, James J. White
Goldstein's Curse, James J. White
Articles
ON April 16, 1980, a man using the name Marvin Goldstein opened a bank account at a Baltimore branch of Union Trust Company. He deposited $15,000 in cash. He told the branch manager that he planned to establish a Baltimore office of his father's New York business, "Goldstein's Precious Metals and Stones." Goldstein identified himself with a New Jersey driver's license and gave a bank reference from New York. On May 6, Goldstein deposited a check for $880,000 at another Union Trust branch near the branch where he had opened the account. Words on this check indicated that it was …
Pleading And Practice In Commercial Paper Cases: Burdens Of Proof, Harold R. Weinberg
Pleading And Practice In Commercial Paper Cases: Burdens Of Proof, Harold R. Weinberg
Law Faculty Scholarly Articles
Money debts are frequently paid by checks and evidenced by notes subject to Article Three of the Uniform Commercial Code. Financial institutions and other creditors ordinarily take these instruments with the expectation that they will be paid on time without resort to litigation. This expectation fails when the debtor or some other obligor on the instrument claims that its signature was unauthorized or that there is a defense against payment. This Article analyzes the Uniform Commercial Code rules concerning burdens of proof that apply to these disputes and gives consideration to related procedural and evidentiary questions. It concludes with some …
The New Payments Code And The Abolition Of Holder In Due Course Status As To Consumer Checks, Marion W. Benfield
The New Payments Code And The Abolition Of Holder In Due Course Status As To Consumer Checks, Marion W. Benfield
Washington and Lee Law Review
No abstract provided.
Checks Lost In The Collection Process, James J. White
Checks Lost In The Collection Process, James J. White
Other Publications
Given the millions of checks that are transferred among banks every year, the opportunity for loss and misplacement of such checks is enormous and the liabilities associated with such loss can be significant. This section deals with the collecting bank's liability for the check's loss before it is delivered to payer bank. If the payer bank receives and then loses the check, it will be subject to a different set of liabilities; those liabilities will be discussed elsewhere in the program.
Wrongful Dishonor, James J. White
Wrongful Dishonor, James J. White
Other Publications
Uniform Commercial Code section 4-402. I. Basic Liability II. Damages III. Miscellaneous Asides
Blocking Payment On A Certified, Cashier's, Or Bank Check, Michigan Law Review
Blocking Payment On A Certified, Cashier's, Or Bank Check, Michigan Law Review
Michigan Law Review
When disputes arise between buyers and sellers over completed commercial transactions and payment has been delivered to the seller in the form of a negotiable instrument, a dissatisfied buyer may seek to suspend the instrument's payment obligation. By blocking payment the buyer strengthens his bargaining position and prevents the seller from dissipating the proceeds of the sale before the buyer can establish the merit of his claim. Blocking payment forces the seller to enforce the commercial agreement through court action or satisfy the buyer's grievances.
Depositary Bank Liability Under § 3-419(3) Of The Uniform Commercial Code
Depositary Bank Liability Under § 3-419(3) Of The Uniform Commercial Code
Washington and Lee Law Review
No abstract provided.
What Ever Happened To The "Checkless Society"?, Isaiah Baker
What Ever Happened To The "Checkless Society"?, Isaiah Baker
University of Michigan Journal of Law Reform
In the late 1960's and early 1970's, a proliferation of articles in law reviews and other scholarly journals predicted a fundamental change in the payments systems in the United States. The "checkless society" was hailed as the coming thing-the latest and best innovation to come along in the vast areas of law covered by the Uniform Commercial Code provisions governing commercial paper and bank collections. Despite the claims that present technology is capable of effecting basic alterations in the existing check collection and payment systems, changes have been slow to come and are coming with deliberate speed rather than the …
Some Petty Complaints About Article Three, James J. White
Some Petty Complaints About Article Three, James J. White
Articles
IN many ways Article Three of the Uniform Commercial Code (Code) is like a huge machine assembled by a mad inventor and comprised of assorted sprockets, gears, levers, pulleys, and belts. Few thoroughly understand all of the jobs which this machine is to perform; and a search through the reported cases suggests that the machine is either performing so efficiently that it commits no mistakes worth litigating or it is not performing at all. In their study of the intricacies of Article Three, law students resemble persons climbing about on the machine-pulling its levers, testing its belts and pulleys, and …
Bank Collection Under The Uniform Commercial Code
Bank Collection Under The Uniform Commercial Code
Indiana Law Journal
No abstract provided.
Virginia And Article 4 Of The Uniform Commercial Code
Virginia And Article 4 Of The Uniform Commercial Code
Washington and Lee Law Review
No abstract provided.
Exculpatory Clauses In Stop-Payment Orders
Exculpatory Clauses In Stop-Payment Orders
Washington and Lee Law Review
No abstract provided.
The Effect Of Accepting A Worthless Check Where The Parties Contemplate A Cash Sale, R. Vincent Goodlett
The Effect Of Accepting A Worthless Check Where The Parties Contemplate A Cash Sale, R. Vincent Goodlett
Kentucky Law Journal
No abstract provided.
Elements Of The Law Of Negotiable Contracts, Elias Finley Johnson
Elements Of The Law Of Negotiable Contracts, Elias Finley Johnson
Books
“The cases here collected and annotated, have been selected by the undersigned, primarily for the use of students in his classes. To make a wise selection of cases from the large number that are to be found upon a particular subject is a most difficult task … It has been attempted here to select, as far as possible, the very earliest cases upon the particular subject, so that the student would thereby be able to get at the reason of the rule without reference to any statutory provisions. Attention is called to the latest cases, however, in the foot notes.” …