Chapter

What Would a Modern Law of Checks 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/9780199856220.003.0009
What Would a Modern Law of Checks Look Like?

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This chapter considers whether it makes sense to base the law of checks on the concepts of negotiable instruments law. The chapter begins with the old story about whether one can write a check on the side of a cow. The illustration is used to show that nothing of significance turns on whether an instrument is or is not covered by Articles 3 and 4. The chapter considers several oddities of check law, such as the rule that a person who indorses a check in blank and loses it faces a significant risk of loss. The chapter shows that the law of checks could be much simpler if it were based on how checks are actually used today, rather than how things might have happened centuries ago.

Keywords: negotiable instrument; check; check collection; indorsement

Chapter.  9894 words. 

Subjects: Company and Commercial Law

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