VII The Boundaries of the Proposed Argument

Subject(s):

Securities — International monetary law

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.