The principles of law and equity underlying the non-taxability with respect to non-endorsement are sound across the spectrum. The principles underlying taxation in most every 'country' in the 'world' is that trees/capital goes untaxed...fruit is taxed. Principal => untaxed. Interest -> taxed.
On a related note: when you draw a check on a bank, its the fact that they accept the check that causes you to owe them ==that is why===> they take money out of your account. The idea of the check being a charge to your private account is misleading, the check is a charge on the bank the drawer (customer) makes --when they honor the check the drawer is indebted to the bank which in turns taps the drawer's account to balance things out. That is why it would be possible to overdraw an account. The honoring of the check isn't against the account but against the bank. The bank charges your account to satisfy your obligation to the bank.
On 'personal checks', the bank's logo tends to be in the 'drawee' position. But on payroll checks, things might be a bit different.
Related:
Re: Notes of Debt Are Not Income
Notes of Debt Are Not Income
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