The End of Negotiable Instruments: Bringing Payment Systems Law Out of the Past 1st Edition

This book is required reading for anyone who thinks seriously about modern payment systems (which includes, or should include, everyone who teaches the subject). That is not so much because the book contains heretofore-unpublished insights; most of its themes should be familiar to students of the subject, due in no small measure to the previous work of Professor Rogers himself. Rather, this book is a superlative synthesis, in which the author writes with exceptional lucidity about what is important in the subject from a policy perspective. The discussion is very greatly enriched by the author's deep knowledge of the history of the subject, which is probably unparalleled among living scholars. This book is anything but antiquarian, however. For example, recent legal artifacts such as "transferable records" attempt to pump new life into negotiable instruments law. One cannot intelligently consider whether these legal artifacts are well-founded reactions to genuine commercial needs, or flaming anachronisms pushed by special interests, without familiarity with Professor Rogers' insights. To repeat, this book is essential for students of the subject.

Professor Rogers' book is a thought provoking review of the state of negotiable instrument law and the checking system in particular. This book will be a valuable resource for students, teachers and scholars alike. For the student, it offers some perspective on the law of Negotiable Instruments. It explains the historical reasons for some puzzling provisions. The book will challenge future lawyers to think more critically about the inherited legal framework. For scholars the book is likely to provoke much needed debate about the future of an area of law which is both highly technical and pervasive. Every person writing or receiving a check is affected, knowingly or unknowingly, by this body of law. The book's style is easy to read and very accessible even for the non-specialist. Professor Rogers does an admirable job breaking down complex and often arcane provisions of the law and explaining them in style that is easy to follow. I highly recommend this book for all students, teachers and scholars of Commercial Law as well as for all bankers and payment system participants.Professor Brian M. McCallUniversity of Oklahoma College of Law

Professor James Rogers is one of the leading experts in the world on negotiable instruments, and it's surprising (given that it might put him out of a job) that he has written this incredible book arguing that the leading statute regulating these instruments should simply be repealed and replaced with nothing at all. Skeptical readers (attorneys and bankers being his most likely audience) are quickly convinced that Professor Rogers is right. Article 3 of the Uniform Commercial Code, which stands as the embodiment of negotiable instruments law in all states, has outlived its usefulness, and now exists only as an invitation to litigate issues that no longer matter to anyone. Professor Roger's impressive exploration of the history of negotiable instruments demonstrates why this law was once necessary and then convinces readers that in the 21st century it should be discarded as an unnecessary drag on commerce. I'm a law professor who has taught this subject for decades, and Professor Rogers has my vote for his extraordinary proposal. However hard the implementation of Article 3's demise, it should be attempted as soon as possible. Anyone who reads this book is highly likely to agree.

Anyone interested in commercial law should read this book. Professor Rogers explains how much of our law governing promissory notes and checks originated to govern nineteenth century mercantile practices that bear little resemblance to modern commercial transactions. He offers a compelling account of the strange survival of these rules and, in the best tradition of the realists, asks the reader to consider the world without them. Remarkably, Professor Rogers accomplishes all this in a book that is truly hard to put down. You will stay up late to read it and be much the better for it.Stephen C. VeltriProfessor of LawOhio Northern University