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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.