The Product Characteristic of Electronic Money from the Perspective of the Negotiable Instruments Law

The development of currency trading is not only using the cash as a payment instrument for a transaction. For example is the emergence of non-cash payments such as negotiable instruments. That type of instrument offers a more effective and safer way than using the cash. Along with the development of the technology, a non-cash payment innovation emerged, which characteristics, at a glance, similar to negotiable instruments, such as credit cards, debit cards, and electronic money products which gives a safer and more efficient way than using the cash for a transaction. Based on this, led to the view that non-cash payment instruments such as credit cards, debit cards, and electronic money products can be classified as negotiable instruments. However, that classification must be done by reviewing the relevant regulations, such as Commercial Code and else and also observing the doctrines in the perspective of the science concerned, to state that the development of such instruments can be classified as negotiable instruments or not.Keywords:    Negotiable instruments, Letter of Value, Credit Cards, Debit Cards, Electronic Money Products, Classification

Negotiable Instruments, in Particular Bills of Exchange in Macau, China

The rapid development of Information Technology has revolutionized the way people and businesstransfer funds and has led European nations to enact new laws to regulate payments conducted electronically. TheMacau law of negotiable instruments, mainly stipulated in Commercial Code of Macau and regulations concerningelectronic fund transfers, have been influenced by modern European Law and principles in the way of absorbing thecurrent legal expertise from western countries. In Macau, the Electronic Funds Transfer System provides a costeffectiveand efficient method to transfer funds electronically directly into a specified bank or building societyaccount. At the same time, it has significantly reduced the importance of the traditional negotiable instruments bothin domestic and in International trade

Recent International Developments in the Law of Negotiable Instruments and Payment and Settlement Systems

This paper surveys four recent major developments worldwide in the areas of negotiable instruments and payment and settlement systems. Only private or commercial law aspects are considered. Topics covered are checks, payment cards, securities transfers, and payment transactions. A common theme is the adaptation by statute of the law to tile world of electronic banking as it keeps evolving

Recent International Developments in the Law of Negotiable Instruments and Payment and Settlement Systems

This paper surveys four recent major developments worldwide in the areas of negotiable instruments and payment and settlement systems. Only private or commercial law aspects are considered. Topics covered are checks, payment cards, securities transfers, and payment transactions. A common theme is the adaptation by statute of the law to tile world of electronic banking as it keeps evolving

Much Ado About Nothing: Achieving Essential Negotiability in an Electronic Environment

The approach adopted here is both historical and analytical. Part II of this Article describes the historical development of assignment law, and demonstrates that it parallels a more general shift of the law away from physical conceptions of property. It concludes that although a paper-based document may still be a practical requirement, there is no longer a valid theoretical justification for not making the law of negotiable instruments media neutral. In Part III we survey the features of negotiable instrument law and compare it generally with the law of assignments. This comparison suggests that the most striking substantive difference between the two systems is the doctrine of good faith purchase. In simple terms, this is the idea that a bona fide purchaser of a negotiable instrument takes it free from all outstanding claims, including contract defenses. Finally, in Part IV we explore the extent to which the consequences of the good faith purchase doctrine can be replicated outside of the negotiability system. We conclude that even in a paper-based legal environment, this key feature of negotiability is readily attainable by parties employing electronic technologies

The Non-Uniform Commercial Code: The Creeping, Problematic Application of Article 9 to Determine Outcomes in Foreclosure Cases

[Excerpt] “This article will discuss the operation of two portions of the Uniform Commercial Code (“U.C.C.”) on mortgage foreclosure law. Article 3 of the U.C.C. governs negotiable instruments, whereas Article 9 governs secured transactions. For decades, courts have utilized Article 3 to determine the rights of lenders and their assigns to enforce mortgage promissory notes and to foreclose mortgages thereon. However, certain jurisdictions do not utilize the U.C.C. in foreclosure cases, whereas other jurisdictions have recently begun to look to Article 9 instead. This article argues that the Uniform Commercial Code should receive more uniform application, with Article 3 as the enforcement tool of the land. . . . Parts I-III of this Article will discuss the negotiable nature of mortgage notes, and the significance of this character. Part I will briefly discuss the importance of a plaintiff’s standing to initiate and pursue foreclosure. Part II will analyze the history of both the negotiability of notes and the foreclosure of mortgages. This historical analysis is meant to provide an explication of the divergent paths notes and mortgages have taken, in terms of the predictability of enforcement outcomes and the relative harshness each produces. Part III will discuss the negotiable character of mortgage promissory notes. If a note is a negotiable instrument, then transfer of the note may be analyzed under Article 3. However, even if a note is negotiable, that does not mean that it is not also potentially subject to enforcement under Article 9. Part IV will provide an overview of enforcement mechanisms utilized in various jurisdictions. This Part will highlight the law in jurisdictions in which Article 3 is applied to determine the standing of foreclosure plaintiffs. Following that, Part IV will review application of common law and other enforcement mechanisms in jurisdictions that do not look to the U.C.C. in determining a plaintiff’s standing to enforce a negotiable instrument and foreclosure the security interest secured thereby. Finally, this Part will explore recent cases in which Article 9 has been applied in the foreclosure context. Part V will argue that uniform application of the U.C.C. will aid the recovering housing market and provide a predictable framework for foreclosure of mortgage, going forward. Specifically, Part V will argue that the U.C.C. should be applied to determine whether a plaintiff has standing to foreclose and will further argue that courts should utilize Article 3 of the Code in making such determinations.

A duplicata virtual e o boleto bancário – efeitos da informática sobre os títulos de crédito

O presente artigo tem por fim estudar a influência da informática sobre os títulos de crédito, objetivando verificar a possibilidade de reconhecimento jurídico dos títulos emitidos eletronicamente como documentos, bem como a viabilidade de sua execução judicial em havendo inadimplência. Para tanto, analisaremos os princípios da cartularidade e da literalidade, a duplicata virtual e o boleto bancário, além dos aspectos práticos e processuais inerentes aos títulos de crédito.This paper aims to study the influence of information technology on the negotiable instruments, in order to verify the possibility of legal recognition of the instruments issued as electronic ones, as well as the feasibility of the judicial enforcement in case of default. We will analyze the documentary evidence and the literal transcript principles, and virtual trade acceptance bills, besides practical and procedural aspects about negotiable instruments

Exogenous Forces in the Development of Our Banking System

A new method to optimize with orthonormal constraints is described, where a particular composition of plane (Givens) rotations is used to parameterize decision variables in terms of angles. It is showed that this parameterization is complete and that any orthonormal k-by-nmatrix can be derived to a set of no more than kn-k(k+1) angles. The technique is applied to the emph {feature extraction problem} where a linear subspace is optimized with respect to non-linear objective functions. The Optimal Discriminative Projection (ODP) algorithm is described. ODP is a data compression or feature extraction algorithm that combines powerful model optimization with regularization to avoid over training. The ODP is used primarily for classification problems