Holland, Tom L.

English

University of Tulsa College of Law

Tulsa Law Review Volume 21 Issue 3 Spring 1986 The Law of Modern Payment Systems and Notes Tom L. Holland Follow this and additional works at: https://digitalcommons.law.utulsa.edu/tlr  Part of the Law Commons Recommended Citation Tom L. Holland, The Law of Modern Payment Systems and Notes, 21 Tulsa L. J. 610 (2013). Available at: https://digitalcommons.law.utulsa.edu/tlr/vol21/iss3/8 This Book Review is brought to you for free and open access by TU Law Digital Commons. It has been accepted for inclusion in Tulsa Law Review by an authorized editor of TU Law Digital Commons. For more information, please contact megan-donald@utulsa.edu. BOOK REVIEWTHE LAW OF MODERN PAYMENT SYSTEMS AND NOTES. By Fred H.Miller* and Alvin C. Harrell.** Norman: University of OklahomaPress 1985. Pp. viii, 566. $29.50.Reviewed by Tom L. HollandtThe Law of Modern Payment Systems and Notes covers the law ofpromissory notes, checks, drafts, credit cards, and electronic fund trans-fer (EFT) systems. Thus, except for cash payments, this book deals withthe legal problems that may arise in connection with the use of all signifi-cant payment systems. The book also addresses legal issues arising fromthe use of an important credit instrument, the promissory note.Promissory notes, checks, and drafts are written instruments thatare known as commercial paper. Since many of these instruments arenegotiable, they are also often referred to as negotiable instruments. Ar-ticle 3 of the Uniform Commercial Code (U.C.C.) is the primary sourceof law for commercial paper. In addition, Article 4 of the U.C.C., cover-ing bank deposits and collections, regulates many aspects of commercialpaper transactions.Since the law of commercial paper is extensive and well developed,the bulk of this book concentrates on the law of commercial paper.Chapters two through seven deal primarily with the law of commercialpaper. Chapter one contains introductory material about the types ofpayment and credit instruments and systems and a discussion of the vari-ous bodies of governing law. Chapter eight covers the bank collectionsystem, and chapter nine analyzes the relationship between a bank andits customer. Chapter ten, the final chapter, discusses credit card andEFT problems.In the chapters on commercial paper, the authors concentrate on theprovisions of Article 3 of the U.C.C., but they call attention to other* Professor of Law, University of Oklahoma.** Professor of Law, Oklahoma City University.t B.A., Friends University; J.D., University of Tulsa; LL.M., University of Illinois. Professorof Law, University of Tulsa.1Holland: The Law of Modern Payment Systems and NotesPublished by TU Law Digital Commons, 1985BOOK REVIEWrules of law affecting commercial paper, including provisions from otherarticles of the U.C.C., other state statutes, federal statutes and regula-tions, and common law rules. Legislation and regulations controllingconsumer transactions are the most significant rules of law outside theU.C.C. that affect commercial paper. The authors focus on the provi-sions of Article 4 in chapters eight and nine, but discuss other relevantmaterials such as Federal Reserve System regulations and the developinglaw dealing with hold periods for uncollected funds that result in delayedavailability of funds. Throughout the materials principally discussingand interpreting provisions of the U.C.C., the authors rely on leadingand significant cases to aid in the analysis of the statutory provisions andto supplement the statutes in situations not covered by the U.C.C. orother legislation.Chapter ten provides less coverage for credit cards and EFT systemsbecause the law in this area is less extensive and not highly developed.Coverage consists principally of an analysis of federal legislation and reg-ulations that primarily control consumer credit card and EFT transac-tions. There is also a comparison of selected rules to U.C.C. provisions.There are few cases in this area, and the authors have limited discussionof the cases to significant decisions.The Law of Modern Payment Systems and Notes should be quiteuseful for both students and attorneys. The length of the book includingend notes,1 463 pages, is not overwhelming. Yet, this book contains areadable and easily understandable analysis of often difficult and complexlegal problems flowing from commercial paper and other payment sys-tems transactions. Thus, students taking a course on commercial paperand other payment systems should find this text to be a good resource forgeneral background reading or for providing help in understanding anarea of the law creating difficulty for the students. Likewise, attorneyspresented with a legal problem in this area of law will be able to obtain apractical and beneficial explanation of relevant law. Moreover, often at-torneys will discover that Miller and Harrell have helped them with theirresearch efforts by providing citations to the leading cases dealing withthe issues to be resolved. Therefore, The Law of Modern Payment Sys-tems and Notes makes an important contribution to the body of commer-cial law literature.1. The use of end notes, rather than footnotes, makes the book slightly less convenient to read,but does not create a serious problem.1986]2Tulsa Law Review, Vol. 21 [1985], Iss. 3, Art. 8https://digitalcommons.law.utulsa.edu/tlr/vol21/iss3/83Holland: The Law of Modern Payment Systems and NotesPublished by TU Law Digital Commons, 1985

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