About | HeinOnline Law Journal Library | HeinOnline Law Journal Library | HeinOnline

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.

What Is HeinOnline?

HeinOnline is a subscription-based resource containing nearly 3,000 academic and legal journals from inception; complete coverage of government documents such as U.S. Statutes at Large, U.S. Code, Federal Register, Code of Federal Regulations, U.S. Reports, and much more. Documents are image-based, fully searchable PDFs with the authority of print combined with the accessibility of a user-friendly and powerful database. For more information, request a quote or trial for your organization below.



Short-term subscription options include 24 hours, 48 hours, or 1 week to HeinOnline with pricing starting as low as $29.95

Contact us for annual subscription options:

Already a HeinOnline Subscriber?

profiles profiles most