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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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Overcoming the Past

Overcoming the Past

(p.229) 10 Overcoming the Past
The End of Negotiable Instruments

James Steven Rogers

Oxford University Press

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 Articles 3 should be repealed and Article 4 should be completely rewritten.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

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