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swift 4

Justice Story gives a "holder in due course" the status deriving from the
doctrine of general principles of commercial law.  The source of that rule is
federal common law.  This rule has higher status than the decisions of New
York courts because the laws of a state are usually more understood to mean
the rules and enactments promulgated by legislative authority and long
established customs  have been enforced in that state.  The law repecting
negotiable instruments may be truly declared not as the law of a single
country but of the commercial world.