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Swift #4

Justice Story deprives state judicial opinions of the status of "laws."
What status does he give his general holder-in-due-course rule? What is
the source of that rule? Why does it have higher status than the
decisions of the New York state courts?

The Judiciary ACt of 1789 required the federal courts to apply the laws
of the several states as rules of decision in common law actions in
federal courts.  Story construed the Act to apply only to state statutes
and not state case law.  Story's rule states that, in the absence of a
state statute, federal court could apply general principles of federal
common law.  If the Act is construed this way, the higher status of
federal common law over state common law would spring from the supremacy
clause perhaps?  Yes that is a question.....