LAWS4425 · Law

Law of Money

Boston College Law School

When we buy things or pay for services, we have to pay money. Sometimes we do so with currency, but usually we use devices such as checks, credit cards, debit cards, and various other electronic or semi-electronic payment systems. New payment systems, such as Bitcoin, are constantly evolving and dying off. Lawyers dealing with such developments will need to be prepared with an understanding of basic payment law concepts. Unfortunately, there isn't a unified body of payment law. Rather, we have widely scattered and rapidly changing sources of law. We will study articles 3, 4, and 4A of the Uniform Commercial Code; various federal statutes and Federal Reserve System regulations; private agreements, such as those governing clearing houses and bank credit card arrangements; and basic common law concepts. Over time the subject matter has variously been described as "Bills and Notes," "Commercial Paper," or "Payment Systems."