Using the proven Examples & Explanations format, Examples & Explanations: Payment Systems, Third Edition, provides students with a clear, engaging introduction to the principles of Payment Systems. The author, who brings extensive writing and teaching experience to the task, uses well-written and interesting examples, as well as relevant visual aids, to illustrate how these principles apply in typical situations. The Third Edition of this highly accessible and well-written study aid has been completely updated to offer: comprehensive coverage of the standard topics in most payment systems courses, including Article 3 of the UCC (negotiable instruments); Article 4 (check collection); Article 4A (commercial electronic funds transfers); consumer funds transfers; and credit cards notably lucid explanations of complex or ambiguous areas of the law well-crafted, accessible, and relevant examples that progress from simple to more complex issues visual aids — flow charts and images of sample instruments — that help clarify complex transactions "Revision Alert" boxes covering proposed 2003 amendments to UCC Articles 3 and 4 parallel cites to the old and the new UCC Article 1 New to this edition: recent developments in the area of check collection — the author explores the tremendous impact the advent of various new electronic means of collection has had on this area of payment systems new chapter on twenty-first century check payment describes recent developments in this area, including the new federal Check 21 Act updated cases, examples, and explanations