Instructor(s) Cohen, Adrian
Payments is the study of the rules and the processes through which payments and commercial paper of all kinds (checks [both paper and electronic], electronic funds transfers, promissory notes, letters of credit, etc.) move through the U.S. finance system. The course covers topics that practitioners, consumers and businesses deal with nearly every day--the kinds of topics that you are guaranteed to be asked questions about once people learn you are a lawyer. The approach to the course will be to simplify the commercial transactions and statutory language so those new to the topic feel comfortable dealing with this area of the law.
Learning Outcomes - By the end of the semester, students should be able to:
1. Describe and apply to commercial and consumer transactions certain foundation principles of Articles Three, Four and Four-A of the Uniform Commercial Code (“UCC”), the federal Consumer Credit Reporting and Truth In Lending Acts, as well as Federal Reserve Regulations E, J, Z and CC, and recognize how those principles are applied in the practicalities of myriad types of commercial and consumer transactions;
2. Recognize how the principles of the above-listed statutes and regulations affect payment transactions of all types in the financial system of the United States, and why it is important for those advising individuals and businesses to understand how the system works and how it may impact decisions and outcomes;
3. Understand and utilize the principles and rules that overlap and work in harmony with common law history and principles beyond the above-listed UCC Articles;
4. Understand and employ general principles of statutory construction to specific provisions, rules and defined terms (as well as terms of art) contained in the above-listed statutes and regulations;
5. Critically examine and analyze judicial decisions regarding the covered statutes and rules, and either apply those decisions to specific transactions or understand why in proper circumstances those decisions arguably may be distinguished or shown to be erroneous.