I will never listen to this song the same way I ever did before. Thanks JC.
I will never listen to this song the same way I ever did before. Thanks JC.
My small regional bank's CFO just called me. He is investigating the situation. He says he will be discussing it with council and seeing how they ammend the signature card or even account for it. He says in his 20 years he has never heard of such a thing, but says it doesnt suprise him with the looming "fiscal cliff". He was very intrigued about the idea so I encouraged him to study it.
My only fear is that as I educate more people, they use this technique and when the bank realizes this reduces their lending capacity, they may hike fees or try to find some creative solutions to combat it.
It's pretty damn empowering when you rattle off "Title 12 USC section 411" and the CFO of a corporation is on the other end typing it in and says "Oh, there it is, sure as you're born. Wow."
If they use the "we aren't a reserve bank" then I will point them to David's wonderful video notation that FRN's are ONLY for federal reserve banks and since I have them I am indeed a Federal Reserve Bank as is my local bank!
Knowledge is power! I am very thankful for you guys!
It is exciting as well to watch your experience. Thank you for sharing. I am wondering, did you actually submit your signature card yet?Originally Posted by BAMAJiPS
If so, did you remember to get a copy?
My local branch was very receptive and actually encouraging of what I am attempting to do. I went BACK today to try to amend my signature card after reviewing it monday without seeing anywhere to "check a box" or write it in. Although they were enthusiastic, they balked when I wanted to actually write on my signature card and thought it best to contact the upper management on "how" to do it - because, to their credit, they were worried that that piece of paper would just sit in a file folder in their office and not be credited properly in the bank's ledger. I had every intention of documenting what I was going to do with my signature card, but nothing happened and they wanted to see how to make it stick with the legal dept so it was binding. As soon as I sign, noted, alter, any documents I will certainly photo and provide updates!
WAIT A MINUTE!!! No way! NO WAY!!! How coincidental is this??? I remarked on how much you sound like Jesse James from West Coast Choppers and Austin Speed Shop and LOOK! http://en.wikipedia.org/wiki/Harry_Tracy
David Merrill was Jesse James' cohort! Have I uncovered another secret??
Oh I misread that - Harry Tracy was compared to Jesse James in the story. Grrr (Im reading way way too much this past week)
Harry TRACY and David MERRILL made an escape from prison together, so I guess they were cohorts for a little while...
Bank CFO just called me back. He still thinks its an interesting idea and conveyed that he was going to research it more on a personal level, but said that legal council had come back with supreme court rulings that FRN's were indeed termed "lawful money" and that the original 1913 act was amended in 1933, so he went on to say there's just nothing they can do.
I have been trying to absorb the supreme court cases and, as pointed out in the Remedy video, men in black robes say the FRN is legal TENDER. I've read US v Rickman, Milam, appellant v us and a few others - and I can't use any of these things to advance my case. In bureaucrat circles I suppose legal tender is synonymous with lawful money and they dont want to deal with it.
It leads me to ask the question - in the banks that DO accept "Demand lawful money pursuant to Title 12 USC s411", do they actually ledger the books differently? I say they have to - they can't fractional lend on that money right? On the other side of the coin, is this all just an exercise of us doing our due diligence and keeping our own records in a passive manner for us to claim to have gotten lawful money in any actions down the road?
Either way, I'm discouraged. Time to watch the video AGAIN and then study more on saving to suitors clause... Im not sure I understand all that's entailed there --- had to read Black's Law on what "In Rem" was, so it makes me wonder...
What more can I do? #Frustrated
I have interesting news today. I deposited a check, my first attempt, and when I did so I did notendorse it . I placed on the back "demand lawful money ( US note) as per Title 12 USC S 411" then I signed James Paul DBA James Paul Fexxxxxxx and as an added layer under that I added "UCC 1-308 without pejudice"
The girl at the drive through didn't skip a beat and asked if there was anything se she could do for me.
I checked my account via iPhone app and saw something - it was coded different than any other deposit I've ever seen!!! Instead of being labeled "deposit" it was coded "BY 31 1196". This after all the runaround from the CFO! Ill post pictures tonight when I get home.
I wonder if ill get another phone call!!
I'm James Paul by the way guys. It's been a pleasure [slowly] learning from you guys.
Hello James Paul,
In my estimate, the FRN is a dual capacity note. So I will say it like this: There are TWO seals on said note and two signatories. So then both the USN and the FRN are legal tender and Both are LAWFUL TO USE but only one is Lawful Money OF the United States. Just like there can be two children in a room from two different families and one child is OF his daddy and another child is OF his daddy.
So then any slick is going to just say you got lawful money - but that is obfuscation in that a FRN is lawful to USE but is NOT lawful money OF the United States.
As I said this is my opinion.
Shalom,
MJ
The blessing is in the hand of the doer. Faith absent deeds is dead.
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