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conflict exists . . .
A conflict exists between whether a pre-existing debt constitutes valuable
consideration applicable to negotiable instruments (Maine law) or whether
it does not (NY law).
In addition, the court is deciding whether
the decisions put forth by the highest courts of the state in which the
federal court sits, should be included as a definition of "Laws"
which, if so, would the federal court sitting in diversity jurisdiction
to apply such decisions.
The court in Swift says no, federal
courts sitting in diversity are not obligated to follow state court decisions.