THE RISKS OFPAYMENT SYSTEMS

I first became familiar with the risks of payment systems as a
lawyer at Occidental Petroleum Corporation, advising the
Occidental treasury department. I then became an advisor to
the uniform law commissioners who wrote Article 4A (Funds
Transfers) of the Uniform Commercial Code (U.C.C.) and
revised U.C.C. Articles 3 (Negotiable Instruments), 4 (Bank
Deposits and Collections), and 5 (Letters of Credit). More
recently, I have served as a member of the Payments Advisory
Group of the Association for Financial Professionals and as a Vice
Chair of the American Bar Association’s Payments Committee, a
subcommittee of the Association’s Business Law Section.