A Factual Analysis of Certain Proposed Amendments to the Negotiable Instruments Law

The first objective in amending the Negotiable InstrumentsLaw should be to bring the statute into as nice adjustment withpresent needs as possible. This consideration, it is believed,overshadows all others. The act, viewed as a part of the contractof the several parties to negotiable paper, should be writtento permit them to carry their transactions through efficiently andin the manner contemplated. At the same time, the legislationshould not cloak unfair practices. It should be drafted to requireonly a minimum of recourse to the courts. Although theseends seem obvious, there is by no means agreement as to howthe statute should be amended to attain them. What is a fairrule, what is an efficient or convenient one, or, in fact, what isthe understanding of the parties to commercial paper concerningtheir agreement in any given case