Courses 2014 - 2015
LAW A 511 Payment Systems
Credits: 2-4, Max 4
Problems are used to examine the legal principles associated with three major payment systems including negotiable instruments, credit cards, electronic funds transfers, letters of credit, automated clearinghouse transactions and Internet payment. Special emphasis will be given on the ways in which these systems allocate the risks of fraud and loss between commercial banks or issuers and their customers. Articles 3, 4, and 4A of the Uniform Commercial Code, the Truth in Lending Act, the Expedited Funds Availability Act, Electronic Funds Transfer Act, state money transmission laws and relevant ACH rules are covered.
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