As part of a continuing series on Fall 2017 semester courses that relate to innovation and business, this post spotlights Payment Law.
“As consumers, we are constantly moving wealth from one place to another, whether you are making a mundane purchase of a cup of coffee, or wiring millions of dollars to a party in a business transaction,” said Professor Odinet, a visiting professor from the Southern University Law Center in Louisiana who will teach Payment Law this fall. “Payment law underlies all of these transactions.”
The course will cover the basic pillars of payment law, including negotiability checks, notes, bank statement review obligations, as well as basic banking concepts. In addition to the casebook and statutory provisions, the course will include discussions of policy issues. These policy issues center on “how we transfer wealth and the systems we put in place to make that happen safely and efficiently,” Professor Odinet observed. “Understanding how those systems may change over time is also important.”
“Lawyers often fail to understand the infrastructure that are payment systems. Payment law has mostly been relegated to understanding promissory notes and checks, today it’s far more sophisticated,” Professor Odinet explained. “Payment law is an area that is very important and coming back into vogue.” By the end of the course, students will have a better understanding of the overarching structure of payment law, as well as an understanding of their individual rights as consumers.
This course examines the law that governs the methods by which businesses and consumers typically pay for goods and services in the modern economy. It first considers the legal rules applicable to the traditional paper-based payment system—i.e. negotiable instruments (e.g. checks and notes) and bank collection of checks. It then examines modern payment methods, such as credit cards, debit cards, wire transfers, and virtual currencies like Bitcoin. The main focus of the course will be on Articles 3, 4 and 4A of the Uniform Commercial Code and related federal law and regulations.
Monday, Tuesday & Wednesday, 10:20 – 11:20