Sep 24, 2020  
2012 - 2013 Graduate Catalog 
    
2012 - 2013 Graduate Catalog [ARCHIVED CATALOG]

LAW 405 - Payment Systems


This course will survey the uses of different payment mechanisms (negotiable and non-negotiable instructments, credit cards and electronic funds transfer and wire transfer systems) in both credit and cash transactions. The course will consider allocation of risks for fraud, countermands, defenses on the underlying contract, mistake, timeliness and unauthorized payments. In each case the allocation of risks in connection with different payment mechanisms will be considered, along with whether these allocations should be the same or different for each mechanism. The course will focus on Articles 3 and 4 of the Uniform Commercial Code and, as time permits, consider letters of credit under U.C.C. Article 5 and the International Chamber of Commerce Uniform Customs and Practice. Special emphasis will be given to techniques of statutory analysis, commercial counseling and a rethinking of present rules, especially in the light of the revision of Articles 3 and 4. The impact of federal legislation on the state payments law (U.C.C. Articles 3, 4, and 4A) may also be treated.