Non-State Community Virtual Currencies

Community currencies are means of payment issued other than by the State, for voluntary use side by side with State-issued (that is, national) currency, either in a particular geographical area or by a group of users. This chapter deals with them as their media have been transforming from paper to digital. Discussing legal aspects of digital community currencies as monetary objects, this chapter combines an analysis general to the law of community currencies, as applied to community currencies regardless of the media in which they are embodied, with an analysis of the general law governing digital currencies as applied to community currencies. Questions relating to the meaning of \u27money\u27 and \u27community\u27 are at the crossroad of law, economics, and sociology: hence the collaboration between a lawyer and a sociologist

Liability on a Cheque: A Legal History

Cheques are old payment instruments widely used in various parts of the world. In the United Kingdom, they are governed by the Bills of Exchange Act (hereafter, the BEA or ‘Act’), as supplemented by the Cheques Act. As a rule, statutes in common law countries, and hence, their laws of cheques, are modelled on the BEA, though local variations may exist. A statute modelled on the BEA is in force for example in Israel and South Africa. Both are not pure common law jurisdictions. In Canada, cheques are governed by the federal Bills of Exchange Act, modelled on its English predecessor, which is in force also in the civil law province of Quebec. In Australia, cheques were excluded from the coverage of the Bills of Exchange Act, and are currently governed by a specific Cheques Act

Presentment and Payment in Cheque Electronic Clearing: Advance Bank v. TD Bank

In the context of Advance Banlc v. TD Bank, a case involving the return of across border dishonoured cheque by a Canadian drawee bank, the article addresses issues relating to the presentment and payment of cheques in Canada. It deals with compliance with the statutory requirements for presentment in the context of CPA clearing rules, and further discusses the legal implications of the treatment of a cheque processed in the clearing. The article argues that a delayed return of a cheque by the drawee bank constitutes payment of the cheque that benefits the depositor vis-a-vis the collecting bank, though not the drawee bank

Electronic Verification of Wire Payment Orders

Over the years, albeit less so in connection with consumer accounts, the bank\u27s absolute liability became subject to exceptions. Particularly, bypassing a classical text explicitly to the contrary, it had been recognized that a customer\u27s fault can lead to the forgery of the customer\u27s own signature and hence to forgery losses

The Beneficiary’s Bank and Beneficiary Described by Name and Number: Liability Chain and Liability Standard in Wire Transfers (Part 2)

This article deals with issues evolving around the identification of the beneficiary in the last payment order in the credit transfer received by the last bank in the transfer chain ( beneficiary\u27s bank ), the duties of the beneficiary\u27s bank in the case of an ambiguous description of the beneficiary in the payment order, and the liability of the beneficiary\u27s bank in case it broke such duties

The Monetary Legal Theory Under the Talmud

Two fundamental principles of modern legal theory of money are nominalism and currency. Both refer to the object passing as money, and its use in payment of debts. Under the former, this object circulates and is tendered in the value of prescribed abstract units of account, as defined by law from time to time, regardless of its own intrinsic value, or even the obligation to redeem it at something of that intrinsic value. Under the latter, this object passes from hand to hand in circulation free from adverse claims of prior owners. A third principle, existing side by side with the two enumerated above, is the issue of the object under the authority of a state and its acceptance by the public at large