ARTICLE: THE IMPOSTOR RULE AND THE NATURE OF FORGERY UNDER THE REVISED UNIFORM COMMERCIAL CODE: A DOCTRINAL ANALYSIS AND SOME SUGGESTIONS FOR THE DRAFTING COMMITTEE Skip over navigation
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Copyright (c) 2001 Academy of Legal Studies in Business
American Business Law Journal

ARTICLE: THE IMPOSTOR RULE AND THE NATURE OF FORGERY UNDER THE REVISED UNIFORM COMMERCIAL CODE: A DOCTRINAL ANALYSIS AND SOME SUGGESTIONS FOR THE DRAFTING COMMITTEE

Fall, 2001

American Business Law Journal

39 Am. Bus. L.J. 25

Author

Steven B. Dow *

Excerpt

I. INTRODUCTION

In revising Uniform Commercial Code (U.C.C.) Article 3, 1 one of the drafting committee's stated goals was to "clarify and fix problems that have arisen over the past forty years of experience with the U.C.C. and negotiable instruments." 2 In the case of the impostor rule, 3 found in R.U.C.C. Section 3-404 ("Impostors; Fictitious Payees"), the committee's efforts fell far short of that goal. In the revision the drafters addressed just one of the problems that had troubled courts for several decades, namely, the problematic distinction between misrepresentation of agency and imposture. 4 At the same time, however, the drafters failed to deal with much more fundamental problems relating to the nature of forgery and imposture. The courts had struggled with these problems for over half a century under the original Negotiable Instruments Law (N.I.L.), 5 and continued to do so for another half-century under the original U.C.C. 6 The shortcomings of the U.C.C. version of the rule can be seen in several recent cases. 7 Inasmuch as the R.U.C.C. has failed to deal with these problems, the courts will continue to struggle under the new version of the rule. 8

Although the R.U.C.C. drafting project was finished just a decade ago and has not yet completed the state-by-state adoption process, 9 the National Conference of Commissioners on Uniform State Laws (N.C.C.U.S.L.) has recently embarked on another revision of Articles 3 and 4. 10 While the primary purpose of this newest ...
 
 
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