Lawful Money in Indiana

http://www.in.gov/legislative/ic/cod...24/ar4/ch2.pdf

"Stamps; redeemable in lawful money
Sec. 1. No person shall sell or issue to any person in this state any
stamps, trading stamps, cash discount stamps, checks, ticket, coupon,
or other similar devise which will entitle the holder thereof, on
presentation thereof, either singly or in definite number, or receive,
either directly from the vendor or indirectly through any other
person, money or goods, wares or merchandise, unless each of said
stamps, trading stamps, cash discount stamps, checks, tickets,
coupons, or other similar devices shall have legibly printed or written
on the face thereof the redeemable value thereof in lawful money of
the United States"


Some legal help needed here. Although this statute refers to stamps, in it states no person shall sell or issue..."checks, ticket" that require it to have "legibly printed" "redeemable value thereof in lawful money of the United States."

First of all, does this mean it's "unlawful" for me as a person to issue a check to someone that does not have legibly printed "redeemable value thereof in lawful money of the United States." It also states a "similar devise"... could this be a FRN? Are FRNs illegal in the state of Indiana? I could be over thinking this one, just thought it interesting as it is still on the books from 1913.

If I get a check back from the gov't for overpayment, or refund, does this law require that statement to be printed on the face? This should be a quick one, but either way, thanks in advance.

I have very recently ordered new checks that declare Payable in Lawful Money 12USC411 below the hand written amount & above the signature line.
When I read the Indiana law my impressioin is, it was a speciific attempt to eliminate, reduce any demand for lawful money. But others here are much sharper, & have a keener grasp. Lets wait til we hear from the knowledgeable.

At a glance I would say that private barter script (hours, credits, brownie points etc.) is discouraged by law in Indiana.

I recall many years ago my friend moved and she gave me all her barter script because it was all in local participating people and vendors. I do not recall what the script looked like but I used them mostly in restaurants for meals, as I recall. I do not recall them having any value in US dollars or lawful money. I think they were called "credits".

Lawful money is undefined, AFAIK.

It appears to me that this legislation is aimed at specifying what constitutes a lawful private currency. It's very interesting that it limits only currency traded for goods and merchandise, but not services.

Also, since lawful money is undefined, I think it's up to the issuer to determine what lawful money is. I think I would use the definition of dollar as provided in the 1792 coinage act. But then, that would necessitate there being an exchange bank of some kind, capable of receiving physical deposits.

One more thing: "Redeemable value thereof in lawful money," is providing an exchange rate, which must be up to the issuer to decide.

This might be a very fun thread for me :)

Quote:

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Originally Posted by mikecz

http://www.in.gov/legislative/ic/cod...24/ar4/ch2.pdf

"Stamps; redeemable in lawful money Sec. 1. No person shall sell or issue to any person in this state any stamps, trading stamps, cash discount stamps, checks, ticket, coupon, or other similar devise which will entitle the holder thereof, on presentation thereof, either singly or in definite number, or receive, either directly from the vendor or indirectly through any other person, money or goods, wares or merchandise, unless each of said stamps, trading stamps, cash discount stamps, checks, tickets, coupons, or other similar devices shall have legibly printed or written on the face thereof the redeemable value thereof in lawful money of the United States" Some legal help needed here.

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Senate Bill No. 99 has been introduced by State Senators Greg Walker and Jim Banks to free US-issued gold and silver coins from sales, use, and capital gains taxes.

Specifies that gold and silver coins issued by the United States government are legal tender in Indiana. Provides that a person may not compel another person to tender or accept gold or silver coins that are issued by the United States government, except as agreed upon by contract. Provides that the sale or other exchange of gold or silver coins issued by the United States government is exempt from state gross retail tax and use tax. Specifies that capital gains incurred on a sale or exchange of gold or silver coins issued by the United States government are not included in adjusted gross income for purposes of the state adjusted gross income tax. http://libertycrier.com/finance/gold...ed-in-indiana/

AN ACT Relating to establishing the 2012 gold and silver legal tender act of Washington state; adding a new chapter to Title 43 RCW; and providing an effective date.

FINDINGS AND INTENT. (1) The legislature finds that to secure property rights sound money is essential. Gold and silver currency retains earned wealth in the hands of the people and has provided civil societies with a fair, honest, and reliable medium of exchange for over six thousand years.

Competitive currencies of gold and silver provide greater security to the people of Washington state in protecting their property and other assets from paper currency inflation.

The absence of gold and silver coin wrongly exposes the citizens, businesses, and other residents of Washington state to the chronic depreciation of the legal tender fiat paper federal reserve note currency and significant losses in purchasing power which amount to the incremental confiscation of private property without just compensation.

http://apps.leg.wa.gov/documents/bil...Bills/2731.pdf

Did anyone ever hear of the Robert Kahre case? A criminal tax case alleging income tax evasion and conspiracy dissolved in federal court this week, when a jury returned zero convictions on 161 charges faced by nine defendants – the results are in.

Read more at: http://www.lvrj.com/news/9893062.htm....PYaOOLoh.dpuf

Video: http://www.buildleadsonline.com/the-...-robert-kahre/

Sent my daughter to school with cash [lawful money] for the book fair. Look what they did not collect ...

Attachment 2374

[Nice job Tim] RE: charging taxes at Scholstic Book Fair. 7 years 3 months ago. [Sounds like a 45 day letter.]

Sales tax is a state-by-state issue. There is no national sales tax, which is what makes this such a tricky issue to follow. 50 different sets of rules. Will try to explore for you...

Tim PTO Today Founder http://www.ptotoday.com/boards/11-ro...stic-book-fair

State tax rates http://www.bankrate.com/finance/taxe...our-state.aspx

Thanks for the exploration. Sounds like the School Book Fair, as a non-profit organization, is either exempt from the sales tax or was never subject to it (don't need an exemption from what never applied). Like the Good Church, a disqualified organization. Therefore The Good Church and I can sell items for lawful money on land called Indiana and remain outside the scope and purview of state sales tax.