Subject: Law
Credit units: 3
Offered: Either Term 1 or Term 2
Weekly hours: 3 Lecture hours
College: Law
Department: Law (Dean's Office)

The course explores the law governing a variety of payment and transfer systems. The relationship between a depository bank and its customer is the initial focus, including a bank’s right of set-off against its customer’s deposit account (a key form of payment mechanism). Significant attention is devoted to the legal and regulatory infrastructure underlying Canada’s two principal monetary payment systems, the Automated Clearing & Settlement System (ACSS) and the Large Value Transfer System (LVTS), as well as the statutory regimes of the federal Bills of Exchange Act (BEA) (which pertains to the transfer of payment rights in bills of exchange, promissory notes and cheques), the provincial Securities Transfer Act (STA) (which pertains to the transfer of rights in financial assets including share certificates, bearer bonds, and electronically held securities) and the provincial Personal Property Security Act (PPSA) (which pertains to transfers of accounts). Finally, students will learn about other modern payment systems and mechanisms (e.g. PayPal, Bitcoin, Interac, Credit Card), gaining familiarity with the general infrastructure and processes underlying such systems and mechanisms (e.g. PayPal, Bitcoin, Interac, Credit Card), gaining familiarity with the general infrastructure and processes underlying such systems and mechanisms.

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