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Mastering Negotiable Instruments (UCC Articles 3 and 4) and Other Payment Systems explains the essential concepts in the law governing payment systems. The book focuses primarily on the prototypical payment systems that for centuries have used negotiable instruments: notes, checks, and other types of drafts. It explores the rules and mechanisms that regulate transactions in negotiable instruments from issue to collection. Study of the rules starts with UCC Article 3 (governing negotiable instruments generally) and Article 4 (governing check collection), but also requires consideration of federal statutes such as the Expedited Funds Availability Act, the new Check Clearing for the 21st Century Act, and related federal regulations. The book also explores the largely federal law governing newer payment systems that have evolved from negotiable instruments, such as credit cards and debit cards. This book is part of the Carolina Academic Press Mastering Series edited by Russell L.Weaver, University of Louisville School of Law.
This study guide uses over 225 multiple-choice and short-answer questions to test your knowledge of the dominant bodies of law applicable to common forms of payment, such as checks, notes, credit cards, debit cards, wire transfers, and letters of credit, including Articles 3, 4, 4A, and 5 of the UCC, selected provisions of the Consumer Credit Protection Act (Truth in Lending Act), and a few relevant federal regulations. Each multiple-choice question is accompanied by a detailed answer that indicates which of four options is the best answer and explains why that option is better than the other three options. Each short-answer question (designed to be answered in no more than fifteen minutes) is followed by a thoughtful, yet brief, model answer.
This Understanding treatise provides a comprehensive treatment of the subject matter covered by Articles 3, 4 & 4A of the Uniform Commercial Code and by relevant provisions of the Truth in Lending Act, and Fair Credit Billing Act, the Electronic Fund Transfer Act, and Regulations E, J, Z, and CC. A primary focus is directed toward the law of negotiable instruments and of bank deposits and collections. The author also address the existing legal regimes that govern payments made in all forms, including checks and other drafts, cash, credit card, automated clearinghouses, automated teller machines, debit cards, and wholesale fund transfer.