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Research Interests: Law and Political Science
The author explores the legal framework applicable to FedWire, the most extensive domestic large dollar system in the United States. The author analyzes the rules governing funds transfer under Fed- Wire, how access to FedWire funds is... more
The author explores the legal framework applicable to FedWire, the most extensive domestic large dollar system in the United States. The author analyzes the rules governing funds transfer under Fed- Wire, how access to FedWire funds is achieved (transfer items and requests), the steps involved in making a FedWire funds transfer from a non-Reserve Bank transferor for a beneficiary; the time schedule for the execution of a funds transfer; revocation and errors; and settlement and daylight overdraft
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Commercial and Consumer Sales Transactions provides a comprehensive overview of Canadian sales law with a focus on the parties’ substantive rights and obligations and how these rights are enforced (or not enforced) in practice,... more
Commercial and Consumer Sales Transactions provides a comprehensive overview of Canadian sales law with a focus on the parties’ substantive rights and obligations and how these rights are enforced (or not enforced) in practice, particularly in the consumer area. Topics covered include: Seller’s implied obligations with respect to description, quality, and delivery Transfer of title between owners and non-owners Manufacturer’s liability A range of buyer’s remedieshttps://digitalcommons.osgoode.yorku.ca/faculty_books/1275/thumbnail.jp
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This concluding chapter explains that the harmonization of the choice-of-law rules of negotiable instruments is highly desirable. The fact that the book's comparative findings have revealed a significant difference between the... more
This concluding chapter explains that the harmonization of the choice-of-law rules of negotiable instruments is highly desirable. The fact that the book's comparative findings have revealed a significant difference between the substantive laws of various systems underlies the contemporary significance of the choice-of-law question for negotiable instruments law. Harmonization would lead to more justice and fairness between the litigating parties, enhance the value of predictability, and promote international commerce and business. Moreover, in the contemporary world of increasing mobility of goods, international commerce, cross-border dealings, and the Internet, cases involving ‘international negotiable instruments’ law will only grow.
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This chapter focuses on the question of choice-of-law and delineates its common thread within contemporary private law choice-of-law rules. In particular, it demonstrates that despite the variety of names and titles, one can point to... more
This chapter focuses on the question of choice-of-law and delineates its common thread within contemporary private law choice-of-law rules. In particular, it demonstrates that despite the variety of names and titles, one can point to three cornerstone developments within the contemporary choice-of-law doctrine, which all can be traced to different degrees of divergence within the various systems. The first development is a relaxation within the classical classification of the subject according to the presence of the so-called ‘foreign element’ in the factual matrix of the case. The second development is the advances of the so-called ‘party autonomy’ principle according to which the parties can agree on the identity of the applied law. Finally, the third development is the advances of the so-called ‘most significant relationship’ (MSR) principle according to which courts are required to assess the factual situation of a case as a whole and to evaluate the significance of the various ...
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This chapter studies the existing choice-of-law frameworks set in the statutory provisions under the UK Bills of Exchange Act, the Geneva Conflicts Conventions, the American Second Restatement, and the Inter-American Convention. These... more
This chapter studies the existing choice-of-law frameworks set in the statutory provisions under the UK Bills of Exchange Act, the Geneva Conflicts Conventions, the American Second Restatement, and the Inter-American Convention. These various frameworks show very little evidence of the three major developments outlined in the previous chapter. Generally, the various frameworks have remained loyal to the classical choice-of-law doctrine of stringent territorial connecting factors. There is almost no trace of party autonomy or the most significant relationship principle. The requirement of a ‘foreign element’ presence in the factual matrix of the case seems to be the foremost precondition to choice-of-law analysis. Finally, the chapter demonstrates the global adherence to the ‘several laws’ approach; the advantage of avoiding a ‘single rule’ for the selection of a law applicable to a contract; and the desirability of having the same law governing both intrinsic and extrinsic validity ...
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This chapter examines the scope and limits of the proposed extension of the party autonomy and most significant relationship (MSR) principles to negotiable instruments. First, it challenges the validation principle, being an apparent... more
This chapter examines the scope and limits of the proposed extension of the party autonomy and most significant relationship (MSR) principles to negotiable instruments. First, it challenges the validation principle, being an apparent major limitation to the proposed broad scope argument. Second, the chapter discusses the relevance of the argument to such issues as the proprietary aspects of the instruments, remedies and limitation periods, and the holder's duties. Third, it elaborates on the relevance of the proposed argument beyond bills of exchange, promissory notes, and cheques. Specifically, the chapter explores whether the suggestions could be extended and applied to choice-of-law rules in areas where the notion of negotiability has traditionally played a role: that is, investment securities and documents of title. Fourth, the chapter sets a limit to the scope of the argument and explains in which cases the organizing principles of party autonomy and MSR shall not be applied.
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This chapter explores the ‘electronification’ of bills of exchange in connection with their use as credit and payment instruments in international trade. The chapter observes that the infinite number of international trade participants... more
This chapter explores the ‘electronification’ of bills of exchange in connection with their use as credit and payment instruments in international trade. The chapter observes that the infinite number of international trade participants spread throughout the globe at different stages of technological development militates against the feasibility of a common, universal, and worldwide technological platform for handling electronic bills of exchange. Instead, particularly by reference to the extensive experience in the US in relation to the ‘electronification’ of cheques, the chapter proposes that a robust and flexible legal frameworkbe implanted in the Bills of Exchange Act, and used as agreed, to cover electronic presentment of bills of exchange and the exchange and negotiation of substitute bills, bills images, and electronic bills.
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This chapter examines the basic concept of ‘negotiability’ as the transferability of an instrument embodying monetary claims by its physical delivery—possibly free of adverse claims and contract defences to liability under it.... more
This chapter examines the basic concept of ‘negotiability’ as the transferability of an instrument embodying monetary claims by its physical delivery—possibly free of adverse claims and contract defences to liability under it. Accordingly, one of the typical features of a negotiable instrument is that it may be divorced from the underlying causes and has to be judged on its own merits, independent from the bargain from which the instrument originated and the underlying contract. The chapter then looks at the principal instruments that, subsequent to their emergence and earlier development, were accorded with the quality of negotiability. These instruments are bills of exchange, promissory notes, and cheques. The chapter also discusses the rules governing liability under and transfer of such instruments as a crystallization of the general rules of contract and tangible property, and describes their contemporary uses. Moreover, it outlines early national codification, major difference...
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For centuries, bills of exchange, cheques, and promissory notes (\u27negotiable instruments\u27) have played a vital role in the smooth operation of domestic and international commerce. The payment mechanisms have been subject to rapid... more
For centuries, bills of exchange, cheques, and promissory notes (\u27negotiable instruments\u27) have played a vital role in the smooth operation of domestic and international commerce. The payment mechanisms have been subject to rapid technological progress and law has needed to adapt and respond to ensure that the legal framework remains relevant and effective.This book provides a comprehensive and thorough analysis of the question of applicable law to negotiable instruments. Given significant differences in the treatment of important issues under the laws governing negotiable instruments of the various jurisdictions, the question of applicable law plays a key role in contemporary commerce. Resolution of such issues frequently has cross-border dimensions, affecting residents from different countries, and meeting the needs of commerce as it rapidly moves towards an online mode of communication and documentation. To such ends, the book elaborates on the conceptual underpinnings of negotiable instruments law, provides an overview of the key differences between the systems in this area of law and contemplates the question of applicable law.The book provides a systematic inquiry into the relevant principles of law, statutes, and international conventions, and analyses the underlying rationale for both applicable and negotiable instruments laws\u27 rules. In this way, it aims to identify and resolve some of the existing uncertainties in the case law and literature with respect to one of the central aspects of commerce.Specifically, the authors challenge the conventional view according to which the fundamentals of negotiable instruments law are excluded from the scope and insights of general contract and property law doctrines and as such not subject to the general conflict of laws rules governing them. The authors make concrete suggestions for reform and contemplate on the nature of the legal rules that can also be applied in the digital age of communication
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This chapter addresses two trends developing within the choice-of-law doctrine: the relaxation of the ‘foreign element’ requirement and the advances of the party autonomy principle. Chapter III has pointed to the advancing phenomenon of... more
This chapter addresses two trends developing within the choice-of-law doctrine: the relaxation of the ‘foreign element’ requirement and the advances of the party autonomy principle. Chapter III has pointed to the advancing phenomenon of the increasing rate of cross-border commerce, electronic transactions, and scholarly writings as the reasons for a significant relaxation, or even elimination of the ‘foreign element’ requirement. The traditional presence of this element within the factual basis of any given case can be observed in almost every case of contemporary litigation. This suggests that most situations can be classified as private international law cases that would benefit from choice-of-law analysis. The chapter then considers a series of propositions for the introduction of the party autonomy principle as a governing principle of choice-of-law cases of negotiable instruments.
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This chapter assesses the application of our proposals to the era of digitalization, when negotiable instruments will take their electronic form. It outlines the various ‘electronification’ moves that have taken place within the... more
This chapter assesses the application of our proposals to the era of digitalization, when negotiable instruments will take their electronic form. It outlines the various ‘electronification’ moves that have taken place within the traditional versions of negotiable instruments and considers the various international legislative frameworks that might be relevant to a digital version of negotiable instruments. Moreover, we contend that the suggested framework of choice-of-law rules should be attractive to the digital era of the instruments. The expected loss of the physical aspect of the instrument does not challenge the validity of our proposals and, in fact, enhances them. Indeed, ‘electronification’—that is, any elimination of physical processing and delivery—will enhance efficiency and speed. There is a possibility that it will also enhance security and reduce errors. Accordingly, assuming there is a business rationale for its continued use, there ought to be no doubt as to the desi...
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Digital cash may be issued privately (so as to be called "virtual currency") or by a central bank. It may be a cryptocurrency, randomised or tethered. Its scheme may be centralized or decentralised and its value may be... more
Digital cash may be issued privately (so as to be called "virtual currency") or by a central bank. It may be a cryptocurrency, randomised or tethered. Its scheme may be centralized or decentralised and its value may be self-anchored or of a specified fiat currency. By facilitating electronic transmission of payment media between distant parties as an equivalent to hand-to-hand physical delivery of cash, digital currency schemes may irreversibly transform the global payments landscape and require novel legal solutions.
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The use of cash in the euro area is declining. Accordingly, the European Central Bank is exploring options for the design of a digital euro as a form of central bank money available to the public. This article addresses the key question... more
The use of cash in the euro area is declining. Accordingly, the European Central Bank is exploring options for the design of a digital euro as a form of central bank money available to the public. This article addresses the key question of whether the Eurosystem is empowered to issue a digital euro and, if so, in what form. Based on a historical, teleological, and systematic interpretation, it argues that Article 128(1) TFEU serves as both a source of competence for the Eurosystem to issue a digital euro and a limitation to that competence. The Eurosystem’s powers are necessarily exclusive and must prevail over the remaining competence of Member States to issue tangible coins on the basis of Article 128(2) TFEU. The article also addresses whether a digital euro would and should possess legal tender status, referring to recent case law in the field.
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This chapter presents the doctrines that support the notion of ‘transferable deposit’ as the historical explanation to ‘bank money’. It discusses the medieval practice of bailment of money as the ancestor of the bank deposit, and the... more
This chapter presents the doctrines that support the notion of ‘transferable deposit’ as the historical explanation to ‘bank money’. It discusses the medieval practice of bailment of money as the ancestor of the bank deposit, and the emergence of the modern legal doctrine of the bank deposit from the medieval bailment of money. As a legal concept, the bailment of money denotes the delivery of money for a particular, or in effect, any given purpose. Where the purpose was not carried out, inasmuch as the bailee was not obligated to keep the specific coins separately, he was not liable to the bailor for the money in detinue. The chapter connects this notion to the modern monetary system where both ‘central-bank money’ and ‘commercial-bank money’ are in the form of credit to a bank account and the extinguishment of one debt, and the creation of another, facilitate a legal basis for the ‘transferable deposit’ and its use as ‘bank money’
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The article discusses whether an electronic banknote is a ‘banknote’. The issue is dealt with as a matter of general statutory interpretation in the context of evolving technologies and institutional arrangements. The article proposes a... more
The article discusses whether an electronic banknote is a ‘banknote’. The issue is dealt with as a matter of general statutory interpretation in the context of evolving technologies and institutional arrangements. The article proposes a clear terminology to address concepts underlying digital currencies and access to central bank money and argues that a banknote may be ‘written’ electronically. The article is critical of both account-based Central Bank Digital Currency (CBDC) and cryptocurrencies and highlights features of nonblockchain token-based alternatives. It sheds light on considerations affecting the selection of a design which is appropriate from both a functional and legal perspective and addresses architectural models for the issuance of e-banknotes
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A transport document is a receipt issued by the carrier of goods upon taking possession of them under a contract for their carriage. It is a document of title when its transfer may facilitate not only the transfer of the right to claim... more
A transport document is a receipt issued by the carrier of goods upon taking possession of them under a contract for their carriage. It is a document of title when its transfer may facilitate not only the transfer of the right to claim the goods from the carrier but also the transfer of title to the goods. Particularly in relation to the carriage of goods other than by sea, and by reference to banking and commercial practices, this study surveys the current legal position of both digitization and negotiability of transport documents. This is done with a view to preparing the ground for the establishment of a legal basis for a multimodal Electronic Transferable Transport Record (ETTR) of which control will be functionally equivalent to the possession of a negotiable tangible document of title. Views as to the need for a multimodal ETTR are divided and may not be the same across all industries and geographic regions. Nonetheless in some industries and regions the demand for an ETTR is...
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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... more
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.
Research Interests: Computer Science and Law
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Raza Kayani LLP v. Toronto-Dominion Bank is a recent judgment in the chain of cases exposing the problematic interpretation of s. 20(5) of the Bills of Exchange Act (BEA). I have addressed relevant issues before, but will use this... more
Raza Kayani LLP v. Toronto-Dominion Bank is a recent judgment in the chain of cases exposing the problematic interpretation of s. 20(5) of the Bills of Exchange Act (BEA). I have addressed relevant issues before, but will use this occasion to tackle them again, in light of new developments and novel reflections. I will proceed to set out the facts of Kayani and the conclusion of the judgment, address the cause of action, and critically analyze the evolving interpretation of BEA s. 20(5) in Canada and its application in the case. I will then argue that, having reached the correct result, Kayani nevertheless misapplied BEA s. 20(5). Subsequently, I will revisit the original meaning given by case law to the English counterpart of the provision and endeavor to identify the point where interpretation and good policy divorced. I will conclude with pointing out possible directions for law reform.
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As an institutional framework for paying out of and into bank deposits in discharge of debts, 'deposit and transfer banking' goes back to antiquity.
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Community currencies are means of payment issued other than by the State, for voluntary use side by side with State-issued (that is, national) currency, either in a particular geographical area or by a group of users. This chapter deals... more
Community currencies are means of payment issued other than by the State, for voluntary use side by side with State-issued (that is, national) currency, either in a particular geographical area or by a group of users. This chapter deals with them as their media have been transforming from paper to digital. Discussing legal aspects of digital community currencies as monetary objects, this chapter combines an analysis general to the law of community currencies, as applied to community currencies regardless of the media in which they are embodied, with an analysis of the general law governing digital currencies as applied to community currencies. Questions relating to the meaning of 'money' and 'community' are at the crossroad of law, economics, and sociology: hence the collaboration between a lawyer and a sociologist.
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Course code: 3075.03https://digitalcommons.osgoode.yorku.ca/casebooks/1084/thumbnail.jp