Federal Reserve Notes are debt instruments as evidence by the word NOTE that is on the dollar bill, (1) (2) It is impossible to pay a debt using Federal Reserve Notes: No State shall enter into any Treaty, Alliance, or Confederation grant Letters of Marque and Reprisal coin Money emit Bills of Credit make any Thing but gold and silver Coin a Tender in Payment of Debts pass any Bill of Attainder, ex post facto Law, or Law impairing the Obligation of Contracts, or grant any Title of Nobility. CONSTITUTION Article 1 Section 10 of the US CONSTITUTION states: 1) Fitch, Barron’s Business Guide Dictionary Of Banking Terms, Credit Banking: (3)Bookkeeping entry representing a deposit of funds into an account. Section 1813 (l)(1) (definition of “deposit under Federal Deposit Insurance Act)ġ) the unpaid balance of money or its equivalent received or held by a bank or savings association in the usual course of business and for which it has given or is obligated to give credit, either conditionally or unconditionally, to a commercial, checking, savings, time, or thrift account, or which is evidenced by its certificate of deposit, thrift certificate, investment certificate, certificate of indebtedness, or other similar name, or a check or draft drawn against a deposit account and certified by the bank or savings association, or a letter of credit or a traveler’s check on which the bank or savings association is primarily liable: Provided, That, without limiting the generality of the term “money or its equivalent”, any such account or instrument must be regarded as evidencing the receipt of the equivalent of money when credited or issued in exchange for checks or drafts or for a promissory note upon which the person obtaining any such credit or instrument is primarily or secondarily liable, or for a charge against a deposit account, or in settlement of checks, drafts, or other instruments forwarded to such bank or savings association for collection.Ģ4. 1984), states: Money is anything that has value that banks and people accept as money money does not have to be issued by the government. Friedman, Federal Reserve Bank of New York (4th ed. The term includes a monetary unit of account established by an intergovernmental organization or by agreement between two or more countries. 42 Am J1st Prop § 37 2) As to the Meaning of “owner” as used in statutes relating to the assessment and collection of taxes, see Anno: 2ALR 792 (Ballentines’s Law Dictionary) 1) UCC 1-201 (24) means a medium of exchange currently authorized or adopted by a domestic or foreign government. In common understanding, the Person who, in case of destruction of property, must sustain the loss.
The person whom the legal or equitable title rests. Anno: 2 ALR 799,s (Ballentines’s Law Dictionary) 1) One who has complete dominion over particular property. Broadly, any person having a tenancy.Ģ) A tenant, although having exclusive possession, charge and control, is not a owner of the land within a statute making it unlawful for any person to hunt on the land of another without first having obtained permission of the owner. (Bouvier’s) 1) One who occupies the premises of another in subordination to that other person’s title and with his assent express or implied. 464 and is deemed the owner or proprietor of the thing during the period of the loan. The lender has the right to revoke the loan at his mere pleasure 9 Cowen, R. The contract of loan confers rights, and imposes duties on the lender. 13 NEB 82,88 (Ballentines’s Law Dictionary) 1) He from whom a thing is borrowed. Lender:ġ) To obtain upon loan from the owner or other person having the right of disposition to engage the use of money by contract. HUNTINGTON BANCSHARES INC FDIC Financial Report 10ĭEFINITIONS Part 1 18. THE 7 REQUIREMENTS OF A VALID CONTRACTġ7.
GENERALLY ACCEPTED ACCOUNTING PRINCIPLES (GAAP) 2003 editionġ5. CASE LAW ON BANKING First National Bank of Montgomery vs. MONEY, BANKING & MONETARY POLICY by the Federal Reserve Bank of Dallas (May, 2007)ġ0. MODERN MONEY MECHANICS by the Federal Reserve Bank Of Chicago (Revised 1991) YOUR MONEY AND THE FEDERAL RESERVE by the Federal Reserve Bank of Minneapolis (1960)
I BET YOU THOUGHT by the Federal Reserve Bank of New York (December 1977) TWO FACES OF DEBT, Federal Reserve Bank of Chicago (rev. MODERN MONEY MECHANICS by the Federal Reserve Bank Of Chicago (1961) BANKING SYSTEM Mark Wasmuth The Rabbit Hole Research Group Consistently digging for the TRUTH The Fraud of Bank Loans THE FRAUD OF BANK LOANS & THEFT OF LABOR BY THE U.S.
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