HJR 192 Clarity

I want to make sure I am clear on the meaning of this:



"'Resolved by the Senate and House of Representatives of the United States of America in Congress assembled, That (a) every provision contained in or made with respect to any obligation which purports to give the obligee a right to require payment in gold or a particular kind of coin or currency, or in an amount in money of the United States measured thereby, is declared to be against public policy; and no such provision shall be contained in or made with respect to any obligation hereafter incurred. Every obligation, heretofore or hereafter incurred, whether or not any such provision is contained therein or made with respect thereto, shall be discharged upon payment, dollar for dollar, in any coin or currency which at the time of payment is legal tender for public and private debts. Any such provision contained in any law authorizing obligations to be issued by or under authority of the United States, is hereby repealed, but the repeal of any such provision shall not invalidate any other provision or authority contained in such law."[/b]



This just doesn't look like it places liability on the US government.



Can you help me understand this?



Thanks



HB

[sadie]

I'm having the same problem. It says coin or currency it does not say anything about negotiable instruments.



It says Discharge upon Payment of debt. So to discharge a debt it has to be Paid and by paying you admit that you owed a debt.



Feel like I'm going in circles with this one. I must be missing something.

[juststartingout]

what is the def of "legal tender"? I believe that would be a starting point in finding the answer to your question, sadie. also.... the VoD w/ CPN, to my unerstanding is a "just in case" they validaye the deb (whuch they probably can't do).



t, they have payment in full, right there

interesting... I was reading my parents mortgage and it says that it can only be payed with Funds from an account. I dont have access to Black's, but Bouviers says funds is "cash" so no CPN? are they violating HJR192 by limiting payment to "Funds" from an account?



sorry for typos... typing onehanded

[Jerseee]

folks,



You're making this way too complicated. It appears that you may be stuck on the premise that FRNs satisfies debts or can "pay" debts. I understand its hard to break years of teaching and lies.



The CPN is used to discharge the debt. It is a commercial instrument used in commercial tranactions. Just like the dollar, the money order, the check, the bond, the food stamp, etc.. etc..



The major thing about the CPN is that you create it and it is unique. Now the elements of the CPN is what makes it negotiable. Citing HJR 192 and certain case law in your CPN is what backs your note. Having a witness sign it--makes it certified. That is why I have a notary sign mine.



Please get a business law book from your library and read up on negotiable instruments.

[juststartingout]

Not the exact law but a summary of it:



hereI. WHAT ARE NEGOTIABLE INSTRUMENTS?

Art. 3 (Commc'l paper) & Art. 4 (Bank Deposits & Collections)



A. Types of Instruments

1. Notes: promise to pay

PROM. NOTE: written promise by maker to pay money to payee

2. Drafts: order issued by Drawer to pay money to Payee

CHECK: Drawer orders drawee bank to pay out to payee

SALES DRAFT: Buyer signs draft for goods & seller is payee

3. Either must have order or promise to pay (IOU only acknowledges;

not "I authorize")



II. NEGOTIABILITY (if not negotiable K law applies)



A. Elements of Negotiability: signed writing, w/ uncondtn'l promise or

order to pay sum certain on demand or at particular future date

1. Signature: anything intending to authenticate

2. Uncondtn'l Prom./Order to Pay

a. No express conditions b/4 will pay allowed

b. Can refer to other documents; not make subject to

c. Can't limit to a particular fund (except trusts, estate, govt

entities, partnerships, uninc. ass'ns)

d. Maker/Drawer can't clutter up w/ other promises, orders, like

having prom. note + sec. agreemt 1 paper (except: cognotive note to

confer J OK in bus. trans.)

3. Time of Payment

a. Demand Instrument payable on demand (check)

b. Time Instrument on particular date (prom. note)

(1) acceleration clauses OK

(2) extension clauses NOT OK, unless holder's right

(3) can't be s/to indefinite event; MAKES IT NON-NEGOTIABLE even

if event has already occurred

4. To Pay a Sum Certain

a. Must be able figure from face how much it's worth

b. Must have specified interest rate or NOT a negot. instrument (if

"with interest" assumed J rate) (5/3 prime no good)

c. Must be prom. to pay in MONEY (legal tender any ctry)