[ Pobierz całość w formacie PDF ]
.Ifan instrument falls within the definition of both "note" and "draft", a personentitled to enforce the instrument may treat it as either.When an issuer of a negotiable instrument delivers it to a U.S.citizen representedby a knowledgeable man, it is the transferee (U.S.citizen) who is entitled to enforcethe instrument.Since he has been asked to take on the liability, he is the one whodecides if the instrument is a promise (note) or an order (draft).He is the one whohas the right to endorse the instrument.An issuer of an instrument for value isgambling when he delivers an instrument to a transferee.If it gets in the hands of aknowledgeable man, the issuer might end up being the liable party instead of thetransferee.Since agents of the United States who have authority to issue and transferinstruments for value are bonded, their issuance of these bills will not affect theirpersonal holdings; but if a knowledgeable man accepts it for value and returns it forclosure and settlement of the account, and the agent is negligent or abusive, his bondmay not cover his willful default.His only recourse is to try to get you to changeyour mind and waive your settlement.If you do not really know what you have done,it will be easy for him to help you waive your settlement and revert back to beingliable on the instrument that you turned into a negotiable instrument.That instrument(as a security) can then be transferred to a third party as a form of satisfaction by theUnited States, using you as the responsible party.An instrument that is a promise or an order can be issued for value by an agencyor instrumentality of the United States, an individual, or a corporation and deliveredto another person, who is presumed to have previously made a pledge to be liable forsuch instruments.It is not the instrument that determines if it is a promise or anorder, and a payment or a security.Whether the instrument is a promise or an order isup to the one who endorses it.Whether it is going to be used as a payment on apreexisting claim, or as a security for a preexisting claim is also up to the one whoendorses it.It is going to be negotiable, but when it is issued, it is not known who isgoing to be the liable party on it when it is negotiated.Endorsing a check issued as a promise and as an order is not done for value.Only instruments that are issued and transferred for value can be accepted for value.A check does not fall into that category, but the way it is endorsed does determine ifthe negotiation of the check will be a taxable event to the endorser, or not.If it isendorsed in blank and deposited anywhere in the United States, a tax is owed.Theperson receiving it creates a record of the creation of a new security at the bank whereit was deposited.That record confirms the person making the deposit has realized anundeniable ascension to wealth over which he has control, and that transaction is ataxable event.A blank endorsement is one that only exhibits the signature of theendorser and does not contain special terms.An instrument with a blank endorsementbecomes a bearer instrument and can be enforced by anyone who has it.If it is givento a bank through a deposit, the bank becomes the person entitled to enforce thePage 47 of 50 instrument.Using a check as an example, if it is endorsed in blank and deposited, itsvalue should be included as income on a tax return.That same check could beendorsed with a qualified endorsement indicating the check is exchanged for credit onaccount or is exchanged for Federal Reserve Notes that have no redeemable valueaccording to 12 USC 411.The endorsement words are chosen by the endorser.Theymight be Deposited as credit on account or exchanged for Federal Reserve Noteswith no redeemable value.If the bank has a problem with that wording, it might bechanged to Deposited as credit on account or exchanged for Federal Reserve Notespursuant to 12 USC 411 as amended.The amendment that is important is the onethat removed the redeemability from the statute.Interest in PropertySince the United States money system is based on interest in property rather thansubstance, the commercial goal is to get a security interest in something that hasvalue; not to take possession of a thing.Ownership carries liabilities.Interest inproperty does not.It is more efficient commercially to have a security interest inproperty than to own it.A security interest is not given unless there is an obligationthat necessitates such an action.That means there is a debt involved when there is asecurity interest.When one applies for credit, he simultaneously gives a securityinterest in a thing that has value.The thing can be a title to land or a car, title to adeposit account at a bank, a promise of future performance, or a commitment onfuture labor.The security for the credit can be implied, and constitutes consideration.This implies the existence of a contract, even though it may be a simple contract andyou may not have intended to enter a contract.Default on implied contracts can resultin consequences anywhere from seizure of pledged property (titles or even a body), tonegative information on a credit report [ Pobierz całość w formacie PDF ]
zanotowane.pl doc.pisz.pl pdf.pisz.pl centka.pev.pl
.Ifan instrument falls within the definition of both "note" and "draft", a personentitled to enforce the instrument may treat it as either.When an issuer of a negotiable instrument delivers it to a U.S.citizen representedby a knowledgeable man, it is the transferee (U.S.citizen) who is entitled to enforcethe instrument.Since he has been asked to take on the liability, he is the one whodecides if the instrument is a promise (note) or an order (draft).He is the one whohas the right to endorse the instrument.An issuer of an instrument for value isgambling when he delivers an instrument to a transferee.If it gets in the hands of aknowledgeable man, the issuer might end up being the liable party instead of thetransferee.Since agents of the United States who have authority to issue and transferinstruments for value are bonded, their issuance of these bills will not affect theirpersonal holdings; but if a knowledgeable man accepts it for value and returns it forclosure and settlement of the account, and the agent is negligent or abusive, his bondmay not cover his willful default.His only recourse is to try to get you to changeyour mind and waive your settlement.If you do not really know what you have done,it will be easy for him to help you waive your settlement and revert back to beingliable on the instrument that you turned into a negotiable instrument.That instrument(as a security) can then be transferred to a third party as a form of satisfaction by theUnited States, using you as the responsible party.An instrument that is a promise or an order can be issued for value by an agencyor instrumentality of the United States, an individual, or a corporation and deliveredto another person, who is presumed to have previously made a pledge to be liable forsuch instruments.It is not the instrument that determines if it is a promise or anorder, and a payment or a security.Whether the instrument is a promise or an order isup to the one who endorses it.Whether it is going to be used as a payment on apreexisting claim, or as a security for a preexisting claim is also up to the one whoendorses it.It is going to be negotiable, but when it is issued, it is not known who isgoing to be the liable party on it when it is negotiated.Endorsing a check issued as a promise and as an order is not done for value.Only instruments that are issued and transferred for value can be accepted for value.A check does not fall into that category, but the way it is endorsed does determine ifthe negotiation of the check will be a taxable event to the endorser, or not.If it isendorsed in blank and deposited anywhere in the United States, a tax is owed.Theperson receiving it creates a record of the creation of a new security at the bank whereit was deposited.That record confirms the person making the deposit has realized anundeniable ascension to wealth over which he has control, and that transaction is ataxable event.A blank endorsement is one that only exhibits the signature of theendorser and does not contain special terms.An instrument with a blank endorsementbecomes a bearer instrument and can be enforced by anyone who has it.If it is givento a bank through a deposit, the bank becomes the person entitled to enforce thePage 47 of 50 instrument.Using a check as an example, if it is endorsed in blank and deposited, itsvalue should be included as income on a tax return.That same check could beendorsed with a qualified endorsement indicating the check is exchanged for credit onaccount or is exchanged for Federal Reserve Notes that have no redeemable valueaccording to 12 USC 411.The endorsement words are chosen by the endorser.Theymight be Deposited as credit on account or exchanged for Federal Reserve Noteswith no redeemable value.If the bank has a problem with that wording, it might bechanged to Deposited as credit on account or exchanged for Federal Reserve Notespursuant to 12 USC 411 as amended.The amendment that is important is the onethat removed the redeemability from the statute.Interest in PropertySince the United States money system is based on interest in property rather thansubstance, the commercial goal is to get a security interest in something that hasvalue; not to take possession of a thing.Ownership carries liabilities.Interest inproperty does not.It is more efficient commercially to have a security interest inproperty than to own it.A security interest is not given unless there is an obligationthat necessitates such an action.That means there is a debt involved when there is asecurity interest.When one applies for credit, he simultaneously gives a securityinterest in a thing that has value.The thing can be a title to land or a car, title to adeposit account at a bank, a promise of future performance, or a commitment onfuture labor.The security for the credit can be implied, and constitutes consideration.This implies the existence of a contract, even though it may be a simple contract andyou may not have intended to enter a contract.Default on implied contracts can resultin consequences anywhere from seizure of pledged property (titles or even a body), tonegative information on a credit report [ Pobierz całość w formacie PDF ]