Negotiable instruments

Document Type



This article examines the legal nature of the payment mechanism and discusses the rationale for a unified doctrine governing the legal relations arising in connection with the transmission of money. Against the background of the fragmentary and inadequate laws governing the various payment mechanisms, it is acknowledged that no one set of rules is to govern them all It is nonetheless argued that there is a sufficiently wide common denominator to all payment mechanisms that justifies their inclusion under a distinct branch of law. Legal issues common to all payment mechanisms ought thus to be treated from a standpoint broadly embracing the entire range of machineries for the transmission of money in payment of debts rather than looked upon in isolation.