Revision of the Negotiable Instruments Law

Abstract

In the latter part of 1926, the National Conference of Commissioners on Uniform State Laws, through its Committee on Amendments of Uniform Acts, undertook the preparation of a series of amendments to the Negotiable Instruments Law. The time for such action seemed particularly appropriate inasmuch as the act had then been adopted by all of the states, though with minor variations in text in many cases. There had been a considerable amount of experience with the statute; for in the principal commercial states it had been in effect from twenty to thirty years. That there was need for some action to harmonize the conflicting interpretations which had developed, and possibly to reconcile the variations in provisions of the different statutes, was scarcely open to question, if the original objective, a uniform body of law relating to negotiable paper, was to be realized to the extent reasonably possible. The committee designated Professor Williston to undertake the work, a singularly happy appointment.