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The End of Negotiable InstrumentsBringing Payment Systems Law Out of the Past$
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James Steven Rogers

Print publication date: 2011

Print ISBN-13: 9780199856220

Published to Oxford Scholarship Online: January 2012

DOI: 10.1093/acprof:oso/9780199856220.001.0001

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Reports of the Death of the Holder in Due Course Doctrine Are Greatly Exaggerated

Reports of the Death of the Holder in Due Course Doctrine Are Greatly Exaggerated

(p.68) 4 Reports of the Death of the Holder in Due Course Doctrine Are Greatly Exaggerated
The End of Negotiable Instruments

James Steven Rogers

Oxford University Press

Under the holder in due course doctrine, a person who bought goods on credit might have to pay, even though the goods were defective, if the note had been transferred from the seller to a financer who qualified as a holder in due course. By the late twentieth century, disputes over that doctrine had been largely resolved in favor of consumer buyers. Yet the holder in due course doctrine continues to apply in some settings, such as mortgage finance and business cases. In fact, the problem is that the entire holder in due course doctrine is an anachronism. This chapter discusses the bizarre interpretive approaches that courts still use to avoid applying the statutory rules. The chapter concludes that the current statute on promissory actually compels courts to consider seriously whether, in a particular, case, application of the holder in due course doctrine is justified.

Keywords:   negotiable instrument, check, promissory note, holder in due course, consumer protection, mortgages, anachronism

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