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#1)     The issue was whether a bona fide holder of a negotiable instrument to 
which there was a pre-existing debt attached is affected by the debt if she 
has no notice of th debt.

#2)     The two 'sovereigns' affected were New York and 'general commercial 
law.'

#3)     Swift is a false conflict because there was no genuine choice.  The 
Court did not like the New York rule.  It created its own law and categorized 
it as "general commercial law,"  picking out the best rules and making them 
superior to those of New York.

#4)      Justice Story gives his rule in Swift power over that of any state 
common law.  He creates a sort of federal common law superior to state law, in 
an effort to achieve uniformity.  In doing so, he looked to United States 
Supreme Court decisions as well as those of English courts and the Supreme 
Court of Connecticut.  The rule is derived from Story's interpretation of the 
Federal Judiciary Act as not including state common law when it refers to 
state laws.

     


Wendy M. Steiner
wsteiner@kentlaw.edu