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Notorius default
sadie:
When you make out a new negotiable instrument (CPN) to "pay" a debt you're "paying" one IOU with another IOU.
There still is debt there somewhere, but you no longer have to service it. That's the difference between "paying" and "discharging". The former satisfies the debt, the latter postpones it.
Contrary to popular belief, a closed account isn't "dead", it merely has a change in status and is to be used differently. According to Black's Law Dictionary, a closed account is closed to the addition of debits and credits, but remains available for setoff and adjustment. This is one of the things one learns about when investigating "Redemption". Some people here don't like UCC/Redemption stuff and are more focused on court matters, but courts aren't the only game. People out there are successfully applying some of the concepts. It's just another aspect of the "Matrix" worth investigating.
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