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Commercial Law

Prof. Gerry W. Beyer Fall 2011. Commercial Law. Why are written instruments used?. Other types of commercial paper. 1. Money/Cash – not governed by U.C.C. Other types of commercial paper. 2 . Stocks & Bonds – Article 8. Other types of commercial paper.

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Commercial Law

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  1. Prof. Gerry W. Beyer Fall 2011 Commercial Law

  2. Why are written instruments used?

  3. Other types of commercial paper • 1. Money/Cash – not governed by U.C.C.

  4. Other types of commercial paper • 2. Stocks & Bonds – Article 8

  5. Other types of commercial paper • 3. Documents of Title – Article 7 (warehouse receipts & bills of lading)

  6. Other types of commercial paper • 4. Letters of Credit – Article 5

  7. Law governing commercial paper • Negotiable Instruments Law (1896) • Uniform Commercial Code • 1952 Version • 1962 Revisions • 1990 Version • 2002 Revisions

  8. Basic Issues • 1. Person possessing instrument wants to be paid.

  9. Basic Issues • 1. Person possessing instrument wants to be paid. • 2. Person obligated on instrument does not want to pay.

  10. Basic Issues • 1. Person possessing instrument wants to be paid. • 2. Person obligated on instrument does not want to pay. • 3. Person who pays wants to recover from person paid or someone else.

  11. Analytical Framework • 1. Identify type of paper.

  12. Analytical Framework • 1. Identify type of paper. • 2. Identify parties.

  13. Analytical Framework • 1. Identify type of paper. • 2. Identify parties. • 3. Determine negotiability (form).

  14. Analytical Framework • 1. Identify type of paper. • 2. Identify parties. • 3. Determine negotiability (form). • 4. Determine negotiation (transfer).

  15. Analytical Framework • 1. Identify type of paper. • 2. Identify parties. • 3. Determine negotiability (form). • 4. Determine negotiation (transfer). • 5. Is transferee holder in due course (BFP)?

  16. Analytical Framework • 1. Identify type of paper. • 2. Identify parties. • 3. Determine negotiability (form). • 4. Determine negotiation (transfer). • 5. Is transferee holder in due course (BFP)? • 6. Determine plaintiff’s causes of action.

  17. Analytical Framework • 1. Identify type of paper. • 2. Identify parties. • 3. Determine negotiability (form). • 4. Determine negotiation (transfer). • 5. Is transferee holder in due course (BFP)? • 6. Determine plaintiff’s causes of action. • 7. Determine defendant’s defenses.

  18. Analytical Framework • 1. Identify type of paper. • 2. Identify parties. • 3. Determine negotiability (form). • 4. Determine negotiation (transfer). • 5. Is transferee holder in due course (BFP)? • 6. Determine plaintiff’s causes of action. • 7. Determine defendant’s defenses. • 8. If defendant liable, can defendant pass on liability?

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