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Originally Posted by Shoonra
For lack of a better place, here is a recent news item on a very flamboyant attempt to pass a bogus check ....
http://www.loweringthebar.net/2008/0...hings-big.html
This guy got extra points for having marijuana - and an illegal gun - on him when arrested. He claimed his girlfriend's mom gave him the 360 billion dollar check but (1) she denied giving him any check, and (2) her checking account had somewhat less than 360 billion dollars.
I response to the question raised in the previous message: No, positively a promissory note is not cash. It is not payment. If anything it is a delay of payment. As such, the creditor cannot be forced to accept a promissory note when the underlying debt becomes due, since the promissory note essentially renegotiates the debt by extending its due date. See, for example, Fleet Real Estate Funding v. Frampton (Okl.App 1991) 812 P.2d 416, 15 UCC Rptg Serv.2d 987. http://wyomcases.courts.state.wy.us/...p?citeid=15214 |
Glad you brought up the thought about the 'bogus checks'.
If the Treasury issues a check to john q citizen, and john q citizen does not have a checking or savings account wherein he would redeem the paper, john q citizen would then be required to redeem the paper through a recognized MSB, and upon doing so, john q citizen would be required to pay the MSB a certain dollar amount in order to facilitate the transaction.
Now here is the thought to ponder. Because the feds issued a check and the feds also wrote statutes governing the manner in which the banking system can handle such items of paper, then the feds have also created a tort against john q citizen, by forcing him to either do business with someone that he (john q citizen) does not desire to do business (the banks), else he is required to forfeit property that rightfully belongs to him (the administrative fee charged by the MSB would be a forced loss of property).
Aside from that, is the fact that FRNs are also Notes, Obligations of the United States, they are construed as debt instruments, and a debt cannot be paid with another debt.
Jerry Carlos