730-309 Banking and Negotiable Instruments

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Subject Description:

After a brief overview of the regulation of the banking system in Australia, the course concentrates on the rights and obligations arising out of the banker and customer relationship. The emphasis of this part of the course is on consumer banking and the remedies available to dissatisfied customers. The second part of the course deals with the law of negotiable instruments (bills of exchange, promissory notes and cheques). The use of bills of exchange is described in two contexts: the raising of funds through the commercial money market and in the financing of international trade. In the latter context the course describes briefly the operation of bankers' commercial credits. With regard to cheques, the course is particularly concerned with the distribution of the risk of loss in the case of forged, stolen or lost cheques.

Assessment:

Prescribed Texts:

• Tyree, A, Banking Law in Australia, 2nd ed, Butterworths, 1995.
• Act, Bills of Exchange Act, 1909 (Cth).
• Act, Cheques and Payment Orders Act, 1986 (Cth), AGPS.
• National Australia Bank booklet, Finance of International Trade, 6th ed. 1990.
• Burton, Australian Financial Transactions Law, Butterworths, 1991.