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Justice Story deprives state judicial opinions of the status of "laws." What sta

Justice story considered his general holder-in-due-course rule to be a
"general law," and as such, he was able to determine that the federal courts
were not bound by state common law.  His source for this characterization was
based the courts interpretation of section 34.  In considering the general
application of section 34, Justice Story determined that it applied only to
"laws" of the state.  He further determined that only statutes, or positive
law, bound the federal courts.  Common law did not.  This interpretation
allowed him to apply commercial law -- the "general principles and doctrines
of commercial jurisprudence."  Commercial law, therefore, holds a higher
status because it is positive law and cannot be bound by the common law of any
one state