Commercial Law: Payment Systems (SD 439)
Commercial Law: Commercial Paper to Cybermoney (Payment Systems) Subject Description: This 3 unit elective covers the regulation and the legal issues raised by contemporary payment systems. The use of paper based methods is decreasing, heralding the future dominance of non-paper methods. Developing technology has lead to new ways of paying for goods and services. This technology has extended existing payment products and services beyond cash and checks, to encompass cyber-money forms such as stored value, mobile payments, digital cash and virtual money - topics covered by this subject. Rather than focusing primary on negotiable instruments and deposits, this revised course covers cash through cyber-money payments, looking also at the practical working of such payment systems. Why You Should Take This Subject: Payments expertise is evolving and the demand for such expertise continues to grow. Examples include the growing demand for mobile payments that the widespread use of cell phones such as the iPhone have fueled. Growing numbers of virtual reality 'residents conduct virtual commercial transactions using virtual money. On a more prosaic level, new and urgent attention has been focused on the functioning and regulation of payment systems by the recent economic crisis. Initiatives such as U.S. Treasury's New Framework for Financial System Regulatory Reform, and the Uniform Law Commission's Inquiry into the Regulation of Financial Institutions and Payment Systems, highlight the need that exists for payment systems legal expertise. Topics covered by this subject are tested on the Bar Examination as Payment Systems, Commercial Paper, U.C.C. or Negotiable Instruments in the following states: Arkansas, Colorado, Connecticut, Delaware, District of Columbia, Georgia, Hawaii, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Michigan, Mississippi, Missouri, Montana, Nebraska, Nevada, New Hampshire, New Jersey, New York, North Dakota, Ohio, Oklahoma, Rhode Island, South Carolina, South Dakota, Tennessee, Texas, Utah, Vermont, Virginia, Washington, West Virginia, Wisconsin, Wyoming (41 states).
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