Courses

    This is an introductory class on payment systems and other financial transactions. The course explores risk allocation, financial product structure, and regulation of the most ubiquitous type of transactions--those used to pay for (and sometimes also finance) goods and services. The course covers both consumer and business payment systems. Topics covered include checks and negotiable instruments (UCC Articles 3 and 4), wire transfers (UCC Article 4A), credit cards, debit cards, automated clearing house (ACH) transactions, Internet payments (PayPal, e.g.), letters of credit (UCC Article 5), title documents (UCC Article 7), and securitization. No laptops.