601:671. PAYMENT SYSTEMS (4)
Prerequisite: One previous course in Commercial Law (either Introduction to the UCC, Intro to the UCC: Comparative Sales, Sales, or Secured Transactions).
This course begins by examining the law that governs promissory notes and checks in the United States as well as the legal regulation of the bank collection of checks. These issues arise daily in life and in law practice. If someone steals your checkbook and cashes your check, when are you liable to the bank? If you buy a defective widget and then stop payment, can the seller sue you on the check? If you guarantee your friend's car loan, when can the creditor sue you? By the way, when you win that million dollar verdict, who should the check be written to, you or your client? Every lawyer should know the answers to these questions. The course then explores the law governing credit cards and electronic funds transfer. There will be a field trip to one of the local check processing centers.