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Working Paper
Reconsidering the application of the holder in due course rule to home mortgage notes
In this paper we investigate the history of negotiable instruments and the holder in due course rule and contrast their function and consequences in the 1700s with their function and consequences today. We explain how the holder in due course rule works and identify ways in which the rule?s application is limited in some consumer transactions. In particular, we focus on laws limiting application of the rule to some home mortgage loans. We investigate Lord Mansfield?s original justification for the rule as a money substitute, the lack of explicit justification of the rule by the drafters of ...