Originally Posted by
Robert Henry
It would appear that the presumption, and hence over-complication, here is yours, Doug: "...after which the system is presumed to have the duty..."
Again, my question is; what evidence do you have of this?
What evidence do you have that anything happens in "the system", as you describe it, upon demand? What act does the teller in "the system" commit in performance of this duty you presume "them" to have, before handing me the FRN's due from the non-endorsed check I have provided them?
The redemption is IN the demand. Demand is made, therefore the notes are redeemed. Very simple. Unless one wishes to over-complicate the issue.