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Statutes and Regulations1

CHAPTER 1．INTRODUCTION(TO THE SUBJECT AND THE LAW)1

Section1

1．Meaning And Importance Of Commercial Paper1

2．Early Law Of Commercial Paper5

3．Uniform Negotiable Instruments Law7

4．Uniform Commercial Code7

A．The Scope Of U．C．C．Article 310

1．Negotiable Instruments10

2．Exclusions11

B．Functional Overlap Among Articles Of The Code13

5．Supplemental Role Of Federal Law15

6．International Law16

CHAPTER 2．OVERVIEW OF INSTRUMENTS17

Section17

1．Nature Of Instruments17

A．Instrument As A Kind Of Contract17

B．Instrument AsA Form Of Property19

2．Forms And Parties To Instruments22

A．Promissory Note22

B．Certificate Of Deposit23

C．Draft24

D．Check25

3．Uses OfInstruments27

A．Promissory Notes27

1．Means Of Borrowing Money27

2．Means Of Buying On Credit30

3．Means Of Evidencing Pre-Existing Debt31

B．Certificates Of Deposit31

C．Drafts31

1．Means Of Collecting Accounts32

2．Means Of Financing The Movement Of Goods33

D．Checks36

CHAPTER 3．THE MEANING OF INSTRUMENT:ARTICLE 3's REQUISITES OF NEGOTIABILITY39

Section39

1．Instrument Defined InTems Of Negotiability39

2．The Nine Requisites Of Negotiability39

A．Writing42

B．Signed By Maker Or Drawer43

C．Promise Or Order44

1．Promise45

2．Order46

a．Drawer Named as Drawee47

b．Multiple Drawees48

D．Unconditional48

1．Terms Of Instrument Determine Presence Of Condition49

2．Effect Of Another Agreement50

3．Referring To Another Agreement52

4．Implied Conditions Not Recognized,Only Express53

5．Express Conditions That Are Permitted55

6．Reference To Account Or Fund56

E．Money57

F．Fixed Amount57

G．Payable On Demand Or At A Definite Time60

1．On Demand60

2．At A Definite Time61

a．Acceleration Clauses62

b．Extension Clauses63

3．At A Definite Time And On Demand64

H．Payable To Order Or To Bearer (Words Of Negotiability)64

1．Payable To Order66

2．Payable To Bearer69

3．When The Instrument Must Be So Payable71

1．No Other Undertaking Or Instruction72

3．Negotiability(Or Not)By Declaration74

4．Instrument Lacking Words Of Negotiability76

5．Incomplete Instruments76

6．DatesAnd Places78

A．Date Of Instrument78

B．Place Of Payment80

CHAPTER4．CONTRACT LIABILITY ON INSTRUMENTS81

Section81

1．Signature Creates Liability81

A．Mechanics Of Signature81

B．Means Of Signature:By An Agent Or Representative82

1．Principal's Liability82

2．Agent's Liability83

a．Authorized Agent83

b．Unauthorized Agent84

C．Forgeries85

1．Ratification86

2．Culpability Or Fault86

2．Nature Or Conditions Of Liability As Determined By Capacity Of Signer90

A．Determining Capacity In Which Person Signed90

B．Capacity And Contract Of Liability93

1．Maker94

2．Drawer95

3．Drawee97

4．Acceptor99

5．Indorser103

3．Liability On Special Instruments105

A．Drafts Drawn On The Drawer105

B．Cashier's,Teller's And Certified Checks105

C．Money Orders109

D．Travelers Checks111

4．Liability Of Joint Obligors112

A．Liability To Others112

B．Liability Between Themselves113

5．How Taking An Instrument Affects The Underlying Obligation113

A．Underlying Obligation Usually Suspended113

1．Typical Case113

2．When Person Entitled ToEnforce The Instrument Is Not The Original Obligee116

B．When Taking An Instrument Discharges The Obligation120

1．Agreement120

2．Bank Instruments121

C．Accord And Satisfaction122

CHAPTER 5．CONDITIONS OF SECONDARY LIABILITY125

Section126

1．Effect Of Failing To Satisfy The Conditions126

A．Indorsers126

B．Drawers129

C．Drawees132

D．Makers And Acceptors133

2．Defining The Conditions And The Mechanics Of Satisfying Them133

A．Dishonor133

1．How Dishonor Occurs134

a．Notes134

b．Drafts135

c．Checks137

2．Payor's Response That Is Dishonor141

3．Evidence Of Dishonor143

B．Presentment144

1．The Substance Or Nature Of The Presentment Must Be Appropriate144

2．The Appropriate Procedures Must Be Followed145

a．By and To Whom145

b．How and Where146

c．Time of Presentment148

3．Notice Of Dishonor149

a．Method of Giving Notice149

b．Content of Notice150

c．Persons Giving Notice150

d．Sequence in Which Notice May Be Given151

e．Time Allowed For Giving Notice152

3．Excuse Of Conditions Or Delay153

CHAPTER 6．DISCHARGE OF LIABILITY ON INSTRUMENTS157

Section157

1．Meaning And Modes Of Discharge157

2．Payment Of The Instrument158

A．Requirements Of The Discharge158

B．Third-Party Claims160

C．Distinguishing Payment Of The Underlying Obligation162

3．Tender Of Payment164

4．Fraudulent Alteration165

A．Meaning Of Alteration165

B．Rule Of Discharge165

C．Effect On Holder In Due Course165

5．Cancellation Or Renunciation166

6．Discharge By Agreement Or Other Act166

7．Article 3 Discharge As A Defense Against Holder In Due Course167

CHAPTER7．INSTRUM ENTS AS PROPERTY:ENFORCEMENT,TRANSFER AND NEGOTIATION169

Section169

1．Main Property Aspects Of Instruments169

2．The Relationship Of Title And The Right To Enforce An Instrument:Overview Of Transfer,Negotiation,And Holder Status171

3．Enforcement176

A．Persons Entitled To Enforce176

1．Holder177

2．Nonholder In Possession With Holder's Rights177

3．Nonholder Without Possession In Exceptional Cases179

a．Lost,Destroyed or Stolen Instruments180

b．Instruments Paid by Mistake181

4．Indorsers182

B．Procedures Of Enforcement188

1．Plaintiff's Prima Facie Case188

2．Establishing That Signature Binds Defendant188

3．Proving Plaintiff's Entitlement To Enforce190

4．Producing The Instrument190

5．Defenses191

6．Using Extrinsic Evidence To Vary Liability From The Terms Of An Instrument191

a．Interpretation:The Rule That Reads Writings Together191

b．Scope:The ParoI Evidence Rule192

ⅰ．Limitations on Operation of the Rule194

ⅱ．Conditional Delivery and the Rule:Conditions Precedent and Conditions Subsequent196

ⅲ．Understanding Signer Is Not To Be Bound199

C．Liability Over201

D．Statutes Of Limitations202

4．Issuance—The Usual Way The First Holder Becomes Such203

5．Negotiation—Becoming A Holder Other Than By Issuance207

A．Introduction And Basic Rules:Possession Always And Indorsement Sometimes207

B．The Common Requirement:"Transfer Of Possession"209

C．Indorsements210

1．How An Instrument Becomes Payable To An Identified Person Or Bearer And How It Is Negotiated210

a．Originally—Drawn or Made Payable To Order or To Bearer210

b．Thereafter—Blank or Special Indorsement211

c．The Grand Importance Of No Missing Indorsements213

2．Determining Who Is The Identified Person—Who Can Properly Indorse216

3．Place Of Indorsement On The Instrument217

4．Exceptional Cases In Which Missing Indorsement Is Excused217

a．Reacquisition217

b．Checks Deposited For Collection218

c．Impostors and Fictitious Payees,3-404219

d．Employee Fraud,3-405230

ⅰ．Preface,History,and Relation to 3-404230

ⅱ．How 3-405 Works231

ⅲ．Key Terms233

5．Incomplete Negotiation:The Effect Of A Missing I ndorsement When The Transferee Is Entitled To The Indorsement236

6．Negotiation By Multiple Payees237

7．Negotiation When Name Is Misspelled Or Misstated238

8．Effect Of Attempt To Negotiate Less Than Balance Due239

9．Effect Of Negotiation That May Be Rescinded239

6．Restrictive Indorsements240

A．Collection Indorsements241

B．Trust Indorsements249

C．Indorsements With Ineffective Restrictions249

1．Indorsements Purporting To Prohibit Further Transfer249

2．Conditional Indorsements250

CHAPTER 8．WARRANTY AND RESTITUTION:INSURING ENFORCEABILITY FOR TRANSFEREE AND PAYEE253

Section255

1．Sources Of Law For Warranties255

2．Transfer Warranties256

A．Warranty Of Entitlement To Enforce259

B．Warranty Of Authentic Signatures261

C．Warranty Against Material Alteration261

D．Warranty Against Defenses262

E．Warranty Against Knowledge Of Insolvency Proceedings263

F．Article 4's Additional Warranty Of Absolute Liability264

G．Holder In Due Course As Transferee Or Transferor266

3．Payment,Finality,And The Limits Of Restitution Law—The Need For Presentment Warranties267

4．Presentment Warranties270

A．How And Why The Presentment Warranties Vary273

B．Presentment Warranties In The Case Of A Drawee Of An Unaccepted Draft275

C．All Other Cases278

D．Restitution Refrain279

E．Shifting Liability Farther Upstream—Connecting To The Transfer Warranties And Contract Liability280

5．Remedying Breach Of Warranty282

A．Measure Of Compensatory Damages282

1．General Rule For All Cases282

2．Special Rules In The Case Of A Drawee Who Pays An Unaccepted Draft283

B．Incidental Damages284

C．Some Procedural Concerns285

6．Electronic Banking:Encoding And Retention Warranties285

CHAPTER 9．CLAIMS AND DEFENSES TO INSTRUMENTS289

Section293

1．Real Defenses293

A．Infancy294

B．Duress294

C．Lack Of Legal Capacity(Incapacity)295

D．Illegality295

E．Fraud296

F．Discharge In Insolvency Proceedings298

G．Other Defenses Good Against Everybody299

1．Forgery299

2．Alteration299

3．Discharge Of Which There Is Notice299

4．Subsequent Claims And Defenses300

5．Claims And Defenses Chargeable To The Holder301

2．Ordinary Or Personal Defenses301

A．Article 3 Defenses302

B．Discharge—The Not-A-Defense Defense303

C．Accommodation Parties,Indorsers,And Their"Suretyship Defenses"304

1．Role And Liability Of Accommodation Party304

2．Rights Of Accommodation Party Against Principal Debtor307

3．Derivative Defenses Available To Accommodation Party309

4．Discharge Based On Status As Accommodation Party Or Ordinary Indorser—"Suretyship Defenses"311

a．The Nature ofthe Defenses311

b．Notice of the Accommodation Required317

c．Holder in Due Course Protected318

5．The Reality Of Defenses For Accommodation Parties And Other Sureties—"Hell Or High Water" Guaranties318

D．Defenses Of Contract Law319

1．Range Of Defenses,Especially Including Problems Of Consideration320

2．Caveat:Defense Must Be Chargeable To Plaintiff322

3．Recoupment(Defensive Counterclaims)324

4．Claims(Property Interests)327

CHAPTER 10．HOLDER IN DUE COURSE331

Section331

1．Requirements Of Due-Course Status331

A．For Value333

1．Executory Promise Normally Not Value334

2．Taking Instrument As Payment Or Security For Debt(Including Antecedent Debt)337

3．Bank Credit As Value339

B．Without Notice343

1．Overdue,Dishonored,Or Uncured Default345

2．Unauthorized Signature Or Alteration349

3．Claim To The Instrument350

4．Defense Or Claim In Recoupment354

C．Authenticity Of The Instrument356

D．Good Faith358

E．Apart From Certain Unusual Circumstances361

2．Payee As Holder In Due Course363

3．Equivalent Rights To Holder In Due Course366

A．Taking Through Holder In Due Course—The Shelter Principle366

B．Estoppel367

C．Contractual Waiver Of Claims And Defenses368

D．Direct Financing370

E．Federal Immunity371

4．Restrictions On Status And Rights In Consumer Transactions376

A．The Courts377

1．Lack Of Good Faith378

2．Unity Of Dealer And Financial Institution379

3．Supporting Arguments380

B．The Legislatures:Uniform Consumer Credit Code381

C．Federal Trade Commission384

CHAPTER 11．THE CHECK COLLECTION PROCESS:FINAL PAYMENT AND"RIGHTFUL DISHONOR"387

Section387

1．The Form And Function Of Checks387

A．Introduction;Sources Of Law387

1．Sources Of Law387

2．Power To Vary Law By Agreement388

3．The Hierarchy Of Law389

B．What Is A Check?389

1．Article 3389

2．Regulation CC391

C．Function Of A Check391

D．Effect Of Issue393

1．Between The Parties393

2．Obligations Of Payor Bank;Rights Of Payee394

E．Banks395

1．Uniform Commercial Code395

2．Regulation CC397

2．Presenting The Check For Payment:Payor BankAs SoleBank398

A．Presentment Over The Counter398

1．Payor Bank Must Pay Or Dishonor398

a．Time399

b．Verification of Payee400

c．Availability of Funds in Drawer's Account400

2．Dishonor Or Payment?401

a．Dishonor401

b．Payment401

B．"On Us"Checks:Payor Bank As Depositary Bank403

1．When Payor Bank Must Pay Or Dishonor403

a．Accounts in Same Branch of Payor Bank403

b．Accounts in Different Branches404

2．Funds Availability Under Regulation CC406

3．Presenting The Check For Payment:Multiple Banks406

A．Forward Collection In General406

B．Depositing The Check For Collection409

1．Collecting Bank As Holder And Agent For Collection409

a．Restrictive Indorsements409

b．Collecting Bank as Agent for Collection410

2．Depositary Bank As Holder In Due Course410

3．Crediting The Customer's Account411

a．Provisional Settlement Under Article 4411

b．Final Settlement Under Regulation CC412

c．Effect of EFAA413

C．Duties Of Collecting Banks414

1．Who Is A Collecting Bank?414

2．Responsibility For Collection414

3．Methods Of Sending And Presenting415

a．MICR Encoding415

b．Methods of Sending and Presenting in General416

c．Direct Presentment417

4．Settlements418

5．Transfe r,Presentment And Encoding Warranties420

a．Transfer and Presentment Warranties420

b．Encoding Warranties421

4．Final Payment By Payor Bank422

A．What Is Final Payment?423

1．Payment In Cash423

2．Irrevocable Or Final Settlement424

3．Failure To Revoke Provisional Settlement425

a．The Ground Rules425

b．Intemal Decision to Pay Irrelevant426

4．Accountability For Checks Not Finally Paid427

a．Relationship Between Accountability and Final Payment427

b．Timely Settlement Must Become Final429

c．One Last Example429

5．Extension Of Midnight Deadline430

a．Under Article 4430

b．Under Regulation CC431

B．Effect Of And Exceptions To Final Payment432

1．Effect Of Final Payment432

a．Provisional Settlements Become Final432

b．Insolvency and Preference433

c．Priority of Claims Against Item:The Four Legals434

2．Restitution For Mistaken Payments:3-418436

5．Funds Availability438

A．Article 4439

1．Depositary Bank Is Also Payor Bank440

2．Depositary Bank Is Not Payor Bank440

3．Deposits Of Money441

B．Expedited Funds Availability Act And Regulation CC441

1．Check Deposits442

a．Next DayAvailability:229.10442

b．Permanent Availability Schedule and Exceptions444

c．Civil Liability447

6．Dishonored Checks:Notice And Expeditious Return449

A．Responsibility Of Payor Bank449

1．Article 4449

a．Dishonor in General449

b．Dishonor by Return of Check450

c．Notice of Dishonor451

2．Regulation CC451

a．Return of Checks451

b．Notice of Dishonor454

B．Responsibility Of Collecting/Returning Banks455

1．Article 4455

a．Collecting Bank's Duty of Ordinary Care455

b．Time to Revoke Provisional Settlement456

2．Regulation CC457

C．Responsibility And Rights Of Depositary Banks458

1．Upon Receipt Of Returned Check458

2．Paying For Returned Check458

3．Notification To Customer459

4．Charging Back Customer's Account459

D．Risk Allocation And Liability460

1．Article 4461

a．Risk of Dishonor461

b．Mishandling or Delay462

2．Regulation CC463

a．Risk of Dishonor463

b．Mishandling or Delay464

c．Inconsistencies Between Regulation CC and the U.C.C465

d．A Final Caveat466

CHAPTER 12．RELATIONSHIP BETWEEN CUSTOMER AND PAYOR BANK:LOSS ALLOCATION IN THE ABSENCE OF FRAUD AND FORGERY467

Section468

1．The Deposit Account Between Customer And Bank468

A．Content And Form468

B．When Is An Item Properly Payable?469

2．Wrongful Dishonor In General470

A．When Is A Dishonor Wrongful?470

1．Overdrafts470

2．Time For Determination Of Funds Sufficiency471

B．Remedies For Wrongful Dishonor472

1．Liability For Consequential Damages472

2．Consequential Damages Under Article 4A473

3．Wrongful Honor In The Absence Of Fraud Or Forgery474

A．In General474

B．Stop Payment Orders:4-403475

1．Elements And Duration475

a．Who May Stop Payment476

b．Form and Content of Order476

c．Time and Manner of Order:Priority Under 4-303(a)476

d．Duration478

2．Purchased lnstruments And Certified Checks479

3．Damages;Payor Bank's Subrogation Rights480

a．Damages:4-403(c)480

b．Subrogation:4-407481

C．Order Closing Account482

D．Post-Dated And"Stale"Checks483

1．Post-Dated Checks483

2．Stale Checks484

E．Death Or Incompetence Of Customer484

4．Lost,Destroyed Or Stolen Checks:3-309485

A．Requirements For Enforcement486

B．Proof And Adequate Protection486

5．Payor Bank's Remedies Upon Wrongful Honor487

A．Warranties487

1．Encoding Warranties487

2．Presentment Warranties488

B．Restitution For Mistaken Payments:3-418488

CHAPTER 13．RISK ALLOCATION:FRAUD AND FORGERY491

Section491

1．Introduction491

2．Payor Bank's Strlct Liability492

3．Nature And Effect Of Fraud And Forgery493

A．Alteration Of The Check493

1．Form And Effect493

2．Warranty Liability Of Collecting Banks494

B．Forged Indorsements495

1．The Paradigm Case495

a．Indorsement Not Effective495

b．Warranty Liability of Collecting Banks496

2．Indorsement Effective Despite Fraud496

C．Forged Checks496

1．In General496

2．Warranty Liability Of Collecting Banks497

3．Restitution:3-418498

D．Double Forgeries:A Famous Case499

1．False Double Forgeries:The Perini Case499

2．True Double Forgeries501

4．Customer vs.Payor Bank:Payor Bank Defenses501

A．In General501

B．Subrogation Defense502

C．General Negligence Defenses504

1．Negligence Contributing To Fraud Or Forgery:3-406504

a．Customer's Standard of Care504

b．Effect of Payor Bank's Bad Faith Or Negligence506

2．Failure Of Customer To Examine Bank Statement Or To Notify Payor Bank:4-406508

a．Content of Bank Statement509

b．Drawer's Duty to Examine Account Statement:Effect of Prompt Notice509

c．Effect of Failure to Notify510

d．Comparative Negligence511

e．One Year Tolling Period511

D．Per Se Negligence Defenses:3-404,3-405512

1．Employer's Responsibility For Fraudulent Indorsement By Employee:3-405513

a．Who Is a Responsible Employee?513

b．Fraudulent Indorsements:3-405(a)(2)514

c．Comparative Negligence515

2．Impostors:3-404(a)516

a．When Indorsement Effective516

b．Comparative Negligence517

3．Fictitious Payees:3-404(b)518

a．Application of 3-404(b)518

b．Comparative Negligence520

c．Forged Check Principles Not Altered520

5．Conversion:3-420521

A．The Problem521

B．Elements Of Statutory Conversion522

6．Unauthorized Use Of Other Payment Instruments523

A．Cash523

B．Credit Cards524

C．Consumer Electronic Fund Transfers525

D．Funds Transfers UnderArticle 4A527

INDEX TO KEY TERMS531