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82 Ky. L.J. 347 (1993-1994)
The Inverted Pyramid of Wire Transfer Law

handle is hein.journals/kentlj82 and id is 357 raw text is: Kentucky Law Journal VOLUME 82 1993-94 NUMBER 2 The Inverted Pyramid of Wire Transfer Law* BY RAJ BHALA** TABLE Op CoNTENTS INTODUCTION ................................... 348 I. FINANCIAL MARs, FUNDS TRANSm LAW, AND THE INVERTED PYRAMID ............................... 349 II. CHEC WON'T WORK ............................. 356 III. ALTERNATIVE EXPLANATIONS OF FUNDS TRANSFER LAW .. 359 A. Backstop to Private Agreements ................. 359 B. Responding to the Common Law ................ 364 C. Consumer Protection ........................ 369 IV. Tm INvRTED Py ND........................... 372 A. The Macroeconomic Purpose of Funds Transfer Law ..................................... 372 * Copyright 0 1993 by Raj Blab. ** Assistant Professor of Law, Marshall-Wythe School of Law, College of William and Mary. A.B. 1984, Duke; M.Sc. 1985, London School of Economics; M.Sc. 1986, Oxford; J.D. 1989, Harvard. Professor Bhla is the author of WIRE TRANSFERS: A GUIDE TO U.S. AND INTERNATIONAL LAWS GOVERNING FUNDS TRANSFERS (1993), see in a note 6. Earlier drafts of this Article benefitted enormously from the comments of my colleagues at William and Mary, Peter A. Alces, Neal E. Devins, and Charles H. Koch, Jr., and from the suggestions of Walter F. Pratt, Jr., Notre Dame Law School, Ed Rubin, University of Califomia-Berldey Boalt Law School, and Hal S. Scott, Harvard Law School The author gratefully acknowledges their help.

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