Originally Posted by
Christopher David
What if this man (acting as beneficiary for trustee) signed for each check issued in full LEGAL NAME for cash?
What is "cash"? That could be interpreted as lawful money of the United States or legal tender of the Federal Reserve districts. I would demand lawful money per 12 USC 411 as this would clear up any ambiguity. If not, surely they will use the interpretation that results in you sharing in the debt.
What would make the green bills in hand a bond?
The "green bills in hand" are not the bonds. Securities of the US Treasury are the bonds (in the case of Federal Reserve notes). This is why Federal reserve notes can be used as lawful money - they are bonded to lawful money (US Treasuries).
How would this man (with rights of use as holder) be responsible for paying the principal and interest on that debt money absent an acount (not eligible for lending upon)?
If there is an undisputed and prevailing presumption that you've bonded yourself to the debt via signature endorsement, you are responsible for the debt. Even if the presumption is false, it'll stand as truth if not properly rebutted. This presumption can exist absent you having any bank account. For example, perhaps someone filed 1099 or W2 information returns against you - from there the presumption is born.
Who has signed the notes away as bondage?
The Treasurer of the United States and the Secretary of the Treasury
Not this man. The signature, two forms of govt ID, and thumbprint serves as proof of "to the order of", no? The "value-less" green linen paper can still be exchanged for meat, milk, bread, gas, etc. - the time may come to the contrary.
Even still, the verbiage that I suggest includes the "demand for lawful money" and not simply "cash". You want to have good enough record to defeat presumption. I agree, however, that no matter the restrictive endorsement you use, the "green bills" are exchangeble for many things.
IMHO: The demand for lawful money prevents fractional reserve lending. One absent an account who deducts from employee's acount in exchange for green bills is doing the nation a favor. Banks can't lend from the bills stuffed under the mattress. What if every "person" with an account were to close/cancel/stop doing business with bank and demand cash all at once? This would surely make the news. The other day, the bank didn't have enough $100 bills for exchange due to the "holiday" - had to settle for 50s - perhaps more green linen is being stuffed under the mattress these days.
Sad that the paper has come to replace the metal of yesteryear. The linen paper will burn, but is remarkably endurable and will stand the test of time if used in its original intent. Ever been to one of those bars with the green stuff stapled to the walls and ceiling for 20s of years? Try that with newspaper.
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