Originally Posted by
Michael Joseph
12 usc 531
Question: Why are private individuals holdings FRNs?
Legal Tender is lawful to make a use. However it is not Lawful Money. The latter seems to be a compound noun. USN's and FRNs are a legal tender to obtain a purchase in possession; however the former is lawful money and the latter is a promissory note. Both are lawful to use as a legal tender. Under section 411 if FRN's are to be issued to FR Banks [agents] and for no other authorized purpose, then why are private individuals holdings and using FRNs?
Is this adverse possession in trustee de son tort? Where is the license to use this property?