That caught my attention. Thank you!I dont think your on the right track David, you have proven it!
I will import a skeptical comment from a probable attorney,
Marty said: If I go into any bank or credit union and endorse for lawful money, can I cash the check? Do they have lawful money to give me right then? What if the check is drawn on another bank, can it be cashed or deposited? Do I have to surrender the check cashing charge? Can an LLC account endorse for lawful money??
J. Elliot said: Sure, Marty. You can go to a bank or credit union and endorse for lawful money and cash your check. You'll get FRNs. If you redeem FRNs for lawful money, you get FRNs. There's no special account. There's no discharge of tax obligation. Nothing happens but the receiving of newer, crisper Federal Reserve Notes.
The US government doesn't even carry US Notes anymore. They discontinued them more like 15 years ago. Go to one of the Federal Reserve Banks and ask for US Notes...and they'll direct you to their museum where they keep lone examples of all the discontinued currency.
Don't take my word for it. Call them and ask them yourself.
David Merrill said: Looking at J. Elliot's response it comes to mind that you have prompted what you got. Do not endorse private credit from the Fed at all. Demand lawful money and if you deposit your paycheck, or any part of it that is a special deposit - not a special account. Your money sets in the bank's vault and cannot be used for fractional lending or to increase the national debt.
Get a look - http://imagizer.imageshack.us/v2/160...40/hINHdm.jpg?
My point on that commentary is that by posting the precept incorrectly, the reflection was incorrect.
It is about my thinking all right!
Congress says:
They (Federal Reserve notes from two sentences earlier) shall be redeemed in lawful money on demand...
The courts say:
US notes shall be lawful money.
Federal Reserve notes may be redeemed in lawful money.
Also,
Federal Reserve notes are not money per se...
And...
Private credit notes have a residual lien... There is a distinction between a debt discharged and a debt paid.
The Gospel of Pragmatism might help you understand how my mind operates. From my perspective above, the courts do what courts do and that is always to define and describe terms like "lawful money" for Congress or the State General Assembly, accurately.
Finding of fact.
You might be familiar with my process - Diminished Money Counterclaim. The judge could not recognize value of US notes being diminished by being pegged to the value of FRN's as an actual injury.
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