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International Negotiable Instruments

Benjamin Geva, Sagi Peari


This book marries two fields of law: negotiable instruments and choice-of-law. Bills of exchange, cheques, and promissory notes are the main classical negotiable instruments. For centuries, these have played a vital role in the smooth operation of domestic and international commerce. The rapid technological progress of payment mechanisms has embraced the traditional institution of negotiable instruments leading to their adaptation in order to meet the challenges of the frequent mobility of people, goods, and high volumes of cross-border transactions. While the principles governing negotiable instruments tend to be based on a common set of ideas, detailed rules vary from place to place, which requires knowledge of the national law that should govern an international negotiable instrument. The book offers a thorough analysis of the choice-of-law rules applicable to negotiable instruments. The internal structure of negotiable instruments law is complex, which has given rise to a popular view favouring the exclusion of negotiable instruments from the scope of general contract and property law doctrines, and their subsequent exclusion from ordinary choice-of-law analysis. The book contests this view. Indeed, the complex structure of negotiable instruments creates a significant challenge for traditional contract and property doctrines and the choice-of-law analysis applicable to them. Nevertheless, the book contends that the complex case of international negotiable instruments should be analysed through the lens of traditional contract and property choice-of-law doctrines. It concludes that choice-of-law rules in the area of international negotiable instruments need to be dramatically revised and harmonized.

Bibliographic Information

Benjamin Geva, author

Sagi Peari, author

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