Show NEED FOR uniformity I 1 IN N BUSINESS LAWS how collection of just debts may be prevented by differing state statutes an effort to bring about better coordination and greater uniformity among state laws dealing with business and banking la Is being made by the american bankers association it is pointed out that although the country is a unit commercially and citizens of 0 any one state may do bustness business that reaches all over tho the country most laws governing business transactions are made by the different states with application limited to their own local jurisdictions and often in conflict with laws la in other states it Is held that state laws should be uniform so BO that the same transaction will not be subject to different sets of rules according as state laws differ to illustrate the disadvantages ol of conflicting laws the following illustration Is given mr air jones lives in new york where the statute of limitations outlaws a note in six years he falls falla into the error of assuming that the same rulo rule prevails everywhere ho he visits maryland and loans 1000 to his friend mr smith taking a promissory note As the note carries interest mr jones Is in no hurry tor for his money and he be believes smith to be financially responsible finally at the end of tour four years jones concludes he has loaned smith the money long enough and seeks to collect the note from him but smith can deny liability and point to tho the statute of maryland which jones Is surprised to learn outlaws a note after three years changes change recommended the particular subjects of legislation recommended by the association tor for enactment by state legislatures during du rans 1923 include uniform acts on negotiable i klable instruments bills ot of lading warehouse receipts stock block trans trana fer and fiduciaries fiducia ries under the head ot of laws tor for better protection ot of banks in particular transactions are proposed measures dealing with limiting liability on certified check instruments based on gambling or usurious consideration time limit on stop payment payment of stalo check adverse claim to bank deposit payment ot of forged or raised check deposits in two nam names as deposits in trust competency ot of bank and corporation notaries not aries non pay ment of 0 check through error saturday afternoon bank transactions and forwarding check direct to under the federal reserve and foreign banking are recommended laws on membership of state stata institutions in federal reserve system and foreign banking penal laws proposed deal with false statements tor for credit slander and libel of bank checks or drafts without enda and burglary with explosives |