The following snippets are from the affidavit of Walker F. Todd an attorney and legal officer for the legal Departments of the Federal Reserve Banks of New York and Cleveland.
Banks are required to adhere to Generally Accepted Accounting Principles (GAAP). GAAP follows an accounting convention that lies at the heart of the double-entry bookkeeping system called the Matching Principle.
This principle works as follows: When a bank accepts bullion, coin, currency, checks, drafts, promissory notes, or any other similar instruments (hereinafter “instruments”) from customers and deposits or records the instruments as assets, it must record offsetting liabilities that match the assets that it accepted from customers. The liabilities represent the amounts that the Bank owes the customers, funds accepted from customers.
In a fractional reserve banking system like the United States banking system, most of the funds advanced to merely transfer from one set of depositors to another set of borrowers.”
In classical economic theory, once economic exchange has moved beyond the barter stage, there are two types of money: money of exchange and money of account. Legal tender under the Uniform Commercial Code (U.C.C.), Section 1-201 (24).
(Official Comment), is a concept that sometimes surfaces in cases of this nature. The referenced Official Comment notes that the definition of money is not limited to legal tender under the U.C.C.
Money is defined in Section 1-201 (24) as “a medium of exchange authorized or adopted by a domestic or foreign government and includes a monetary unit of account established by an intergovernmental organization or by agreement between two or more nations.
The relevant Official Comment states that the test adopted is that of sanction of government, whether by authorization before issue or adoption afterward, which recognizes the circulating medium as a part of the official currency of that government.
The narrow view that money is limited to legal is rejected. Thus, I conclude that the U.C.C. tends to validate the classical theoretical view of money. Read the entire affidavit here.
For more information on how the Uniform Commercial Code (UCC) can be applied to help you win a quiet title or wrongful foreclosure lawsuit click here: https://www.fraudstoppers.org/fraud-stoppers-secrets-winning-quiet-title-wrongful-foreclosure-lawsuit/
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