WOW... I can certainly use the following law with my UCC-1 package to the FTB, because it has an Exihibit which states that FRNS are obligations of the United States.


Title 31, Subtitle III, Chapter 31, Subchapter II
Sec. 3124. - Exemption from taxation
(a) Stocks and <U>obligations of the United States Government are exempt from taxation by a State or political subdivision of a State</U>. The exemption applies to each form of taxation that would require the obligation, the interest on the obligation, or both, to be considered in computing a tax....


What the UCC-1 package doesn't include is that those "obligations" (FRNS) are exempt from taxation!