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Introduction
Payment Systems Generally
Payments systems is the area of commercial law that deals with the transfer of an amount of money made by one party to another. Payment systems deal with promises to pay or payments actually made. There are different mechanisms in which these payments are made - gifts of cash, checks, electronic means of payments (credits cards, debit cards, ATM transactions, electronic funds transfer), wire transfers, negotiable instruments and promissory notes.
This area of the law examines the rights that are conveyed, what defenses are available to assert these rights based on the instrument type, and how reliable these instruments are for payment in cash. Other legal aspects include the relationships of the banks with the account customers (debtor and creditor), the duty to pay or stop payment, and who bears the risk for theft, forgery or alteration of the instruments. Warranties and enforceability for transferee or payee also are part of the legal area.
Scope of this Guide
This Research Guide lists resources available to the College of Law Community and recommends a suggested research path. The Guide focus is on foreign comparative research, as opposed to national U.S. law. At present the only coverage of virtual currency transactions is that incidentally contained in the provided sources.
U.S. Federal and State Laws
In the U.S. laws that govern so-called commercial paper, transactions are covered mainly in the Uniform Commercial Code (UCC) articles 3 and 4.
- Article 3: Negotiable Instruments
- Article 4: Bank Deposits and Collections
- Article 4A: Funds Transfer
Most states have adopted the model UCC provisions, albeit with slight changes and differences. Florida's analogous provisions to Article 3 and Article 4 can be found in Title 39 - Commercial Relations of the Florida Statutes.
Some Federal laws and rules also apply, such as the Expedited Funds Availability Act governing bank check clearances, 12 U.S.C. §4001 et. seq. and the related Regulation CC of the Federal Reserve Board, 12 CFR 229. A descriptive guide to the FRB regulation can be found here. Please see the "Fed" box in the 'Web Resources' page of this Guide for more examples.
Overviews, Nutshells, and Study Aids
Book descriptions are from the publishers...
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Payments Law in a Nutshell
by
Call Number: KF957.Z9N535 2015ISBN: 9780314290311This text introduces the law of payment systems in a way that promotes understanding and furnishes a sound foundation for any further study of the subject. It includes portions of Articles 3-4, 4A, 5 and 7 of the Uniform Commercial Code, as well as federal law dealing with credit and debit cards. From West Academic Study Aids, access restricted to FIU College of Law. Print edition in reserve. -
Payment Systems: Examples & Explanations
by
Call Number: KF933.B76 2013ISBN: 9781454817673Online from Wolters Kluwer Study Aids, restricted to FIU College of Law. "Provides students with a clear and engaging introduction to the principles of Payment Systems. The author uses examples, as well as relevant visual aids, to illustrate how these principles apply in typical situations. Offers a comprehensive coverage of Article 3 of the UCC (negotiable instruments); Article 4 (check collection); Article 4A (commercial electronic funds transfers); consumer funds transfers; and credit cards." Print edition in reserve. -
Negotiable Instruments and Check Collection in a Nutshell by
Call Number: KF957.Z9S63 1993ISBN: 0314022945This book introduces the law of negotiable instruments and check collection in a way that promotes understanding and furnishes a sound foundation ... It is based upon Article 3 and Article 4 of the Uniform Commercial Code. -
Questions and Answers: Payment Systems
Call Number: Not available in print. Access eBook via Lexis Digital Libraries."...uses multiple-choice and short-answer questions to test students' knowledge of the dominant bodies of law applicable to the 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 Uniform Commercial Code..." -
Glannon Guide to Commercial and Paper Payment Systems
by
ISBN: 9781543822434"...hypotheticals like those posed in the classroom ... include analysis of answers to ensure thorough understanding. ..Multiple-choice questions are interspersed throughout each chapter..."
