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A Factual Analysis of Certain Proposed Amendments to the Negotiable Instruments Law
Turner, Roscoe
Turner, Roscoe
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Abstract
The first objective in amending the Negotiable Instruments Law should be to bring the statute into as nice adjustment with present needs as possible. This consideration, it is believed, overshadows all others. The act, viewed as a part of the contract of the several parties to negotiable paper, should be written to permit them to carry their transactions through efficiently and in the manner contemplated. At the same time, the legislation should not cloak unfair practices. It should be drafted to require only a minimum of recourse to the courts. Although these ends seem obvious, there is by no means agreement as to how the statute should be amended to attain them. What is a fair rule, what is an efficient or convenient one, or, in fact, what is the understanding of the parties to commercial paper concerning their agreement in any given case?