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Justice Story seems to give his holder-in-due-course rule common law
status such that the rule would apply in all similar actions brought in
Story derived his rule "not [from] the law of a single country only, but
of the commercial world" -- that seems, based on his references to
Cicero, Lord Mansfield, and the laws of Rome and Athens, like a
statement that a "natural law" of commercial transactions exists.
Story characterizes commercial transactions as "questions of a more
general nature" than purely state law issues such as statutory law,
rights and titles in real property, and other "immovable and
intra-territorial" matters. Thus, he would say that his
holder-in-due-course rule has a higher status than decisions of New York
state courts because those courts can only act on specific issues
affecting the locality while the federal courts must create the best,
uniform law for general matters such as commercial transactions.