Attachment 2189
Thanks for posting this stamp, which I know is what David has always recommended and used, and which is working, but sometimes is rejected as a "restrictive endorsement".
Here is WHY I do NOT use this stamp.
Technically, 12 USC 411 states that one may only
demand lawful money, after which the system is presumed to have the duty to "redeem" it into lawful money.
12 USC 411 does
not say that
we actually do the
redeeming. That is not our responsibility, IMO. That is the system's job.
Therefore, the wording in this stamp is
presumptuous. It is stating something that may not have occurred yet.
We cannot
technically state, at the time that we stamp our instrument, that it is, at that instant, "
Redeemed Lawful Money".
Also, look at it this way.
If it already has been redeemed as it says on the stamp, then the system would then NOT have to redeem that amount on that instrument, and the person stating that it was
already redeemed could be accused of
fraud-in-the-factum.
So, this is an
important technicality that IMO should be thoroughly discussed here, and
resolved ASAP.
This is why I use this
handwritten demand below:
Attachment 2190