Very interesting development regarding online payment from lawful money account

[mikecz]

http://www.in.gov/legislative/ic/code/const/art11.html

Found number 7 and number 9 most interesting.

Section 7. All bills or notes issued as money shall be, at all times, redeemable in gold or silver; and no law shall be passed, sanctioning, directly or indirectly, the suspension, by any bank or banking company, of specie payments.

Section 9. No bank shall receive, directly or indirectly, a greater rate of interest than shall be allowed, by law, to individuals loaning money.

What I found interesting about 9 is the phrase "to individuals". This implies the individual as the one loaning the money, and the bank collecting interest on said money. Obviously, the goal here with non-endorsement is to NOT allow them to fractionally lend on your money. I'm still digging, in the appendix of Miracle on Main street, I have found a few other interesting things.

1. Lawful money used to be defined in 12 U.S.C. 152, but was repealed in 1994 (The terms 'lawful money' and "lawful money of the United States' shall be construed to mean gold or silver coin of the United States). As well

2. The attorney general from the state as defined in statute cannot render legal opinions to private parties. The question is, what party can they offer opinions too? What is lawful money as defined by this state? I actually know 2 judges...

[mikecz]

http://codes.lp.findlaw.com/incode/22/2/5/22-2-5-1

Seems every payment to any employee In Indiana needs to be in lawful money in the account of the United States.

(a) Every person, firm, corporation, limited liability company, or association, their trustees, lessees, or receivers appointed by any court, doing business in Indiana, shall pay each employee at least semimonthly or biweekly, if requested, the amount due the employee. The payment shall be made in lawful money of the United States, by negotiable check, draft, or money order, or by electronic transfer to the financial institution designated by the employee. Any contract in violation of this subsection is void.

Do you receive lawful money from your employer?

Also...look at B, again, what if you dont endorse?
Lending deposited money
Sec. 4. (a) A savings bank may do the following:
(1) Lend the money deposited in the savings bank upon:
(A) individual credit;
(B) the security of comakers or personal endorsement;
(C) the mortgage or pledge of personal property, either tangible or intangible; or
(D) the pledge of choses in action.
(2) Discount, purchase, or otherwise acquire retail installment sales contracts, notes, bills of exchange, or acceptance or other choses in action.
(b) The savings bank may contract for and receive on loans and discounts described in this subsection the highest rate of interest allowed by Indiana law to be contracted for and received by individuals.

[David Merrill]

http://www.in.gov/legislative/ic/code/const/art11.html

Found number 7 and number 9 most interesting.

Section 7. All bills or notes issued as money shall be, at all times, redeemable in gold or silver; and no law shall be passed, sanctioning, directly or indirectly, the suspension, by any bank or banking company, of specie payments.

Section 9. No bank shall receive, directly or indirectly, a greater rate of interest than shall be allowed, by law, to individuals loaning money.

What I found interesting about 9 is the phrase "to individuals". This implies the individual as the one loaning the money, and the bank collecting interest on said money. Obviously, the goal here with non-endorsement is to NOT allow them to fractionally lend on your money. I'm still digging, in the appendix of Miracle on Main street, I have found a few other interesting things.

1. Lawful money used to be defined in 12 U.S.C. 152, but was repealed in 1994 (The terms 'lawful money' and "lawful money of the United States' shall be construed to mean gold or silver coin of the United States). As well

2. The attorney general from the state as defined in statute cannot render legal opinions to private parties. The question is, what party can they offer opinions too? What is lawful money as defined by this state? I actually know 2 judges...

If you are good with legislative history please see what you can find about Title 31 USC §371:



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