Overcoming the Past

James Steven Rogers

in The End of Negotiable Instruments

Published in print December 2011 | ISBN: 9780199856220
Published online January 2012 | e-ISBN: 9780199919574 | DOI:
Overcoming the Past

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This chapter considers how to develop a sensible modern law on the subjects governed by UCC Articles 3 and 4. The theoretical answer is simple. Articles 3 should be repealed and Article 4 should be completely rewritten. To be realistic, however, repeal is unlikely to be feasible. Thus, for the foreseeable future, lawyers will have to find ways of avoiding the confusion that this statute has produced in recent times. The only sensible way to approach such questions today is to consider how the dispute would be resolved if there were no special statute that might apply. The chapter suggests that law professors need to be far more honest in explaining the extent to which the statute contains relics of the forgotten past rather than rules addressed to current conditions.

Keywords: negotiable instrument; check; promissory note; anachronism

Chapter.  4477 words. 

Subjects: Company and Commercial Law

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