Negotiable instruments, letters of credit, checks, credit cards, electronic fund transfers, and cash. This course surveys the legal mechanisms by which funds can be transferred, including new mechanisms that have become more important as a result of (a) changes in electronic technology and (b) increased international trade. The principal focus will be on articles 3, 4, 4A and 5 of the Uniform Commercial Code, with occasional reference to other statutes and to international conventions and treaties.
This is the third of three courses (the other two are Secured Credit and Bankruptcy) dealing with the financing of commercial ventures through means other than the sale of corporate stock. These courses may be taken in any order: neither presupposes any knowledge of the others. Students who cannot take all three should probably prioritize them in the order they are listed -- that is, Bankruptcy is the single most important course to take, then Secured Credit, then Commercial Paper.