Originally Posted by
outlierquest
Hello Everyone,
I'm new to this forum and am enjoying reading the posts. Concerning "lawful money" as a remedy, does anyone know how to fit this into "certain obligations of the United States" concerning purchases if you do not have much "lawful money"? The following code seems to be a remedy, but not sure. Any thoughts?
12 U.S.C. ? 347c : US Code - Section 347C: Advances to individuals, partnerships, and corporations; security; interest rate
Subject to such limitations, restrictions, and regulations as the
Board of Governors of the Federal Reserve System may prescribe, any
Federal reserve bank may make advances to any individual,
partnership, or corporation on the promissory notes of such
individual, partnership, or corporation secured by direct
obligations of the United States or by any obligation which is a
direct obligation of, or fully guaranteed as to principal and
interest by any agency of the United States. Such advances shall be
made for periods not exceeding 90 days and shall bear interest at
rates fixed from time to time by the Federal reserve bank, subject
to the review and determination of the Board of Governors of the
Federal Reserve System.
Thanks,
Micha