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Bank Collections and Payment Transactions: A Comparative Legal Analysis


ISBN13: 9780198298533
ISBN: 0198298536
Published: April 2003
Publisher: Oxford University Press
Country of Publication: UK
Format: Hardback
Price: £127.50



This is a Print On Demand Title.
The publisher will print a copy to fulfill your order. Books can take between 1 to 3 weeks. Looseleaf titles between 1 to 2 weeks.

This is a study of the law governing the bank-customer relationship pertaining to the disposition of funds by cheques and credit transfers, covering both paper-based and electronic payments. The work addresses, with various degrees of detail, common law, civilian, and 'mixed' jurisdictions, particularly, Australia, Canada, England, France, Germany, Israel, Italy, Japan, South Africa, Switzerland and the United States. In addition to the description of the law in these jurisdictions, the book contains an in-depth analysis of the common issues and the responses to them, in light of desired policies. Accordingly, an evaluation of the various rules and proposals for reform are integral parts of the study.

The book is divided into four parts. Part I is an overview of the various legal systems and fundamentals in banking and payment law, in an overall historical context. Part II deals with the banking relationship, within which collections and payments occur. It highlights the customer contract, the deposit transaction, the mandate authorizing bank collections and payments, and the debt resulting from entries to the current account.

Part III covers the performance of the mandate. It discusses extensively laws governing the payment and collection of cheques and credit transfers, in the context of actual clearing and settlement mechanisms, particularly large-value transfer systems in developed countries. Part IV is on payment systems misuse through fraud, either in the initiation payments or in misdirecting them. It discusses cheque forgery, unauthorized electronic funds transfers, forged cheques indorsements, and misdirected funds transfers.

A unique feature of the work is the integration of a cohesive analytic perspective, both doctrinal and policy-oriented, into a comparative descriptive framework. The book searches for a universal 'law merchant' transcending the boundaries of the va

Subjects:
Banking and Finance
Contents:
I. INTRODUCTION
1. Legal Systems, Sources of Law, Banks and Customers, Collection and Payment Transactions
II. THE BANKING RELATIONSHIP
2. The Account Agreement
3. The Deposit of Funds
4. Management of Customers' Payments: Mandate, Agency and Implied Terms
5. The Current Account
III. THE PERFORMANCE OF THE MANDATE
6. Orders for the Disposition of Funds
7. Payment and Collection of Cheques
8. Credit Transfers
9. The Disposition of Funds Held in Non-Depository Account Holding Institutions
IV. THIRD PARTY'S FRAUD: BREACH OF THE MANDATE AND MISDELIVERY OF FUNDS
10. Introduction
11. Allocation of Forged Cheques Losses
12. Unauthorized Electronic Funds Transfers
13. Forged Indorsements
14. Misdirected Credit Transfers