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Negotiability, Property, And Identity, James S. Rogers

James S. Rogers

In this Article, Professor Rogers challenges the assumption that securities transfer law has always been based on negotiable certificates and suggests that the reign of negotiability is a relatively recent, and brief, phase in the long history of investment securities trading. Professor Rogers posits that the difficulties currently facing the law of securities transfers are in large part due to the transition from paper to electronic representations of investments. To place these challenges into perspective, Professor Rogers first surveys the history of securities trading and then examines the theoretical underpinnings of the law of securities transfers.

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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 …

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