Chapter

What Would a Modern Law of Promissory Notes Look Like?

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/9780199856220.003.0008
What Would a Modern Law of Promissory Notes Look Like?

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This chapter considers whether it makes sense to base the law of promissory notes on concepts of negotiable instruments law. The chapter shows that nothing of substance turns on the conclusion that a given writing is or is not an instrument governed by Article 3. It shows how doctrines that made sense in former times operate today only as an obstacle to reaching simple, just results. The chapter explores the relationship between the Article 3 rules on accommodation parties and the general law of suretyship, showing that much of Article 3 is nothing more than a remnant of history. The chapter shows that the law would be clearer and simpler if issues concerning notes were treated simply as part of the general law of contracts.

Keywords: negotiable instrument; promissory note; accommodation; suretyship; guaranty

Chapter.  11573 words. 

Subjects: Company and Commercial Law

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