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The first objective in amending the Negotiable Instruments
Law should be to bring the statute into as nice adjustment with
present needs as possible. This consideration, it is believed,
overshadows all others. The act, viewed as a part of the contract
of the several parties to negotiable paper, should be written
to permit them to carry their transactions through efficiently and
in the manner contemplated. At the same time, the legislation
should not cloak unfair practices. It should be drafted to require
only a minimum of recourse to the courts. Although these
ends seem obvious, there is by no means agreement as to how
the statute should be amended to attain them. What is a fair
rule, what is an efficient or convenient one, or, in fact, what is
the understanding of the parties to commercial paper concerning
their agreement in any given case?

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Negotiable Instruments Law, transactions