Chapter

Paperless Paper

James Steven Rogers

in The End of Negotiable Instruments

Published in print December 2011 | ISBN: 9780199856220
Published online January 2012 | e-ISBN: 9780199919574 | DOI: http://dx.doi.org/10.1093/acprof:oso/9780199856220.003.0003
Paperless Paper

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Negotiable instruments law is based on the idea that the paper instrument is the indispensible embodiment of the obligations that it represents. This “reification” approach made sense at a time when physical transmission of paper was the simplest and fastest means of communicating information. It makes no sense today. The reification idea has produced major problems in the foreclosure of mortgages, where it is frequently difficult to find out what happened to the original note that the borrower signed. For checks, the attempt to work around the reification principal has produced the oddity of a recent law that permits destruction of checks and creation of certain images of them as “legal copies.”

Keywords: negotiable instrument; check; promissory note; MICR encoding; reificationc; mortgages; foreclosure; document of title; investment security

Chapter.  8047 words. 

Subjects: Company and Commercial Law

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