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Payments Law In A Nutshell

by: Nickles, Steve H.; Matthews, Mary Beth

Payments Law In A Nutshell

by: Nickles, Steve H.; Matthews, Mary Beth

ISBN 13:
9780314162762
ISBN 10:
0314162763
Edition: 1st
Format: Paperback
Copyright: 08/06/2005
Publisher: West Academic

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Summary

Explains the fundamentals of negotiable instruments-promissory notes, drafts, checks, and certificates of deposit. Provides an overview of Article 3's requisites of negotiability. Reviews contract liability, secondary liability conditions, and discharge liability. Covers instruments of property, including enforcement, transfer, and negotiation. Discusses warranty, restitution, claims, defenses to instruments, holder in due course, and check collection process. Examines the customer/payor bank relationship and risk allocation.

Table of Cases

xxv

Table of Statutes and Rules

xxvii

PART I. PAYING WITH CASH

Currency

(10)

When Must the Obligee Accept Cash as Payment?

(2)

When is Payment Made?

(1)

When Can an Obligor Recover Payment Already Made to the Obligee?

(1)

What Happens When Cash is Lost or Stolen?

(5)

Digital Cash

(16)

The Meaning of Digital Cash

(1)

How Digital Cash Works

(3)

What and How Law Applies

(4)

Special Risk of System Integrity (or Solvency of the Issuer)

(8)

PART II. PAYING BY CHECK

Liability on Checks Under Article 3

(114)

Importance of Liability Under Article 3

(1)

Requirements of a Check

(15)

Writing

(1)

Signed by Drawer

(2)

Order a Bank

(1)

Unconditional

(1)

Money

(1)

Fixed Amount

(1)

Payable on Demand

(1)

Payable to Order or to Bearer (Words of Negotiability)

(1)

Payable to Order

(2)

Payable to Bearer

(1)

No Other Undertaking or Instruction

(1)

Signature on a Check Creates Liability

(5)

Mechanics of Signature

(1)

Means of Signature: By an Agent or Representative

(1)

Principal's Liability

(1)

Agent's Liability

(1)

Unauthorized Agent

(1)

Terms and Conditions of Liability

(7)

Liabilities of Persons Who Normally Sign Checks

(1)

Drawer

(2)

Indorser

(2)

Usual Non-Liability of the Drawee

(1)

Conditions of Liability: Presentment, Dishonor, and Notice

(1)

Discharge of Liability on Instruments

(12)

Meaning and Modes of Discharge

(2)

Payment of the Instrument

(1)

Requirements of the Discharge

(3)

Third-Party Claims

(2)

Distinguishing Payment of the Underlying Obligation

(2)

Fraudulent Alteration

(1)

Meaning of Alteration

(1)

Rule of Discharge

(1)

Effect on Holder in Due Course

(1)

Cancellation or Renunciation

(1)

Discharge by Agreement or Other Act

(1)

Article 3 Discharge as a Defense Against Holder in Due Course

(1)

How an Instrument Affects the Underlying Obligation

(8)

Typical Case---Suspension and Discharge or Revival

(3)

When Person Entitled to Enforce the Instrument is Not the Original Obligee

(1)

When Taking an Instrument Discharges the Obligation

(1)

Agreement

(1)

Bank Instruments

(1)

Accord and Satisfaction

(2)

Suing on Checks

(32)

Instruments as Property

(2)

Persons Entitled to Enforce

(3)

Holder by Issuance

(1)

Holder by Negotiation

(1)

The common requirement: ``Transfer of Possession''

(1)

Indorsements

(1)

How an Instrument Becomes Payable to an Identified Person or Bearer and How It is Negotiated

(1)

Originally Made Payable to Order or to Bearer

(1)

Thereafter---Blank or Special Indorsement

(2)

The Grand Importance of No Missing Indorsements

(3)

Qualified Indorsements

(1)

Restrictive Indorsements

(1)

Negotiation by Multiple Payees

(1)

Nonholder in Possession with Holder's Rights

(4)

Nonholder without Possession in Exceptional Cases

(1)

Lost, Destroyed, or Stolen Instruments

(2)

Instruments Paid by Mistake

101

(1)

Indorsers as Other People Who Can Enforce

102

(1)

Procedures of Enforcement

102

(1)

Plaintiff's Prima Facie Case

102

(1)

Establishing That Signature Binds Defendant

103

(1)

Proving Plaintiff's Entitlement to Enforce

104

(1)

Producing the Instrument

105

(1)

Lost, Destroyed or Stolen Checks: 3-309

105

(1)

Requirements for Enforcement

106

(1)

Proof and Adequate Protection

106

(1)

Liability Over

107

(1)

Statutes of Limitations

108

(1)

Defenses to Liability

109

(20)

Real Defenses

112

(2)

Other Defenses Good Against Everybody

114

(1)

Forgery

114

(1)

Alteration

114

(1)

Discharge of Which There Is Notice

114

(1)

Subsequent Claims and Defenses

115

(1)

Claims and Defenses Chargeable to the Holder

116

(2)

Ordinary or Personal Defenses

118

(1)

Article 3 Defenses

119

(2)

Discharge---the Not-a-Defense Defense

121

(1)

Defenses of Contract Law

121

(1)

Range of Defenses, Especially Including Problems of Consideration

122

(3)

Caveat: Defense Must be Chargeable to Plaintiff

125

(1)

Recoupment (Defensive Counter-claims)

126

(2)

Claims (Property Interests)

128

(1)

Holder in Due Course

129

(10)

Requirements of Due--Course Status

129

(2)

For Value

131

(1)

Without Notice

132

(2)

Authenticity of the Instrument

134

(1)

Good Faith

135

(1)

Apart From Certain Unusual Circumstances

136

(1)

Payee as Holder in Due Course

137

(1)

Taking Through a Holder in Due Course---The Shelter Principle

138

(1)

Shifting Loss for Certain Risks---Warranty and Restitution

139

(3)

Check Collection

142

(49)

Presenting the Check for Payment: Payor Bank as Sole Bank

144

(7)

Presentment Over the Counter for Payment in Cash

144

(5)

``On Us'' Checks: Payor Bank as Depositary Bank

149

(2)

Presenting the Check for Payment: Multiple Banks

151

(26)

Forward Collection Process in General

151

(4)

Depositing the Check for Collection

155

(1)

Indorsement and Transfer to Depositary Bank

155

(1)

Crediting the Customer's Account---Provisional Settlement under Article 4

156

(1)

Depositary Bank Becomes Collecting Bank and Agent for Collection

157

(1)

Duties of Collecting Banks

158

(1)

What is a Collecting Bank?

158

(1)

Responsibilities of Collecting Bank

158

(1)

Methods of Sending and Presenting

159

(2)

Truncation

161

(2)

Settlements

163

(1)

Under Article 4

163

(1)

Under Regulation CC

164

(3)

Warranties in Forward Collection

167

(1)

Transfer and Presentment Warranties

167

(1)

Encoding Warranties

168

(1)

Action Required of Payor Bank Upon Presentment---Dishonor by Timely Return or Final Payment by Inaction

169

(3)

Excuse for Missing Midnight Deadline

172

(1)

Regulation CC---Supplemental Rules for Returning Checks

173

(2)

Large-Dollar Notice

175

(2)

Amazon no longer offers textbook rentals. We do!

Payments Law In A Nutshell

Payments Law In A Nutshell

9780314162762

0314162763

Summary

Table of Contents

Supplemental Materials

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