This might be the pertinent type of "IBOE":
Key problems:
1. Its drawn generally on "Secretary of the Treasury or other authorized representative of the United States"
2. Lots of superfluous and unnecessary verbiage
3. It holds itself out to be an obligation of the United States at least twice
4. The bottom part betrays that the issuer is either completely clueless about bills of exchange
5. It holds itself out as legal tender.
6. The document betrays that the issuer hasn't so much as seen the spine of a book on bills of exchange or promissory notes.
7. It makes the Secretary of the U.S. Treasury and the U.S. Secretary of Transporation to be the issuers AND the drawees.
8. He has no idea who the drawer and drawee is or should be.
Another specimen that allegedly got someone in trouble for fraud.
P.S. That same WOZNY person, obviously well meaning, allegedly sent such an item to Greece to help them with their financial crisis.
KEY POINT IS THAT ANYONE WHO STUDIES THE FUNDAMENTALS OF BILLS OF EXCHANGE AND PROMISSORY NOTES SHOULD EASILY BE ABLE TO DISCERN THAT SUCH IBOE DOCUMENTS ARE FLAWED AND CONFUSEDLY DRAFTED--THEY DON'T MAKE SENSE.
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