Just Sign Here--It\u27s Only a Formality : Parol Evidence in the Law of Commercial Paper

Abstract

Part I will argue that certainty is especially important in the law of negotiable instruments, although it does not outweigh all other values. In light of the need for certain rules, this Article will consider the policy choices made by the drafters of the Uniform Commercial Code\u27s Article 3 on Commercial Paper with respect to parol evidence. Part II will examine certain parol evidence that is admissible against even the law\u27s most favored plaintiff, the holder in due course. Part III will focus on the Code\u27s indirect treatment of the most troublesome parol evidence problems, those which arise when the holder is not in due course. Part IV will evaluate two examples of explicit statutory rules which prohibit parol evidence