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The End of Negotiable Instruments – Bringing Payment Systems Law Out of the Past - Oxford Scholarship Online
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The End of Negotiable Instruments: Bringing Payment Systems Law Out of the Past

James Steven Rogers


When we make purchases [better word than ‘things?’], we need to use some system for making payment. Today we use checks, credit cards, debit cards, and various other electronic or semi-electronic payment systems. One would assume that the legal system has developed a sensible, coherent body of law to deal with payment system problems. One would be wrong. Modern American law of payment systems is, to be honest, a confused muddle. The basic problem is anachronism. The law of payment systems has not come to grips with the realities of the modern world. Rather, much of the law is still based on “n ... More

Keywords: negotiable instrument, check, check collection, promissory note, commercial paper, law merchant, holder in due course, payment systems, anachronism

Bibliographic Information

Print publication date: 2011 Print ISBN-13: 9780199856220
Published to Oxford Scholarship Online: January 2012 DOI:10.1093/acprof:oso/9780199856220.001.0001


Affiliations are at time of print publication.

James Steven Rogers, author
Boston College Law School