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1.  The rule of decision as to which a conflict existed was the rule regarding 
a negotiable instrument as a receipt of valuable consideration.

2.  The two sovereigns offering conflicting rules were the state of New York 
and the Federal Government.

3.  Swift can be characterized as a "false conflict" if New York had 
considered the exchange of a negotiable instrument as valuable consideration

4.  He gives the general holder-in-due-course rule comes from law 
historically.  It came from other countries laws and has become custom.  It 
has a higher status than the decisions of the New York state courts because it 
is a type of "universal law" while in New York it is little more than judges 
opinions and not legislated for.

5.  Bills of lading for international shipping seem to be similar to the 
general "holder-in-due-course" rule.