IS A NEGOTIABLE INSTRUMENT THE SAME AS PAYMENT? 🤔
Yes, NEGOTIABLE INSTRUMENTS are a type of PAYMENT that involves a WRITTEN, UNCONDITIONAL PROMISE or ORDER TO PAY a fixed amount of MONEY to a SPECIFIC PARTY or the BEARER.
They can be TRANSFERRED from one PERSON to another, and INCLUDE common examples like CHECKS, PROMISSORY NOTES, and CERTIFICATES OF DEPOSIT.
These INSTRUMENTS serve as a MEANS OF PAYMENT that is more FLEXIBLE and SECURE than CASH, but also carries risks like loss or theft.
All that is required to create one is:
1. Amount in NUMBERS.
2. Amount in LETTERS.
3. Special INDORSEMENT/Signature
Here is an original quote from the House Congressional Record during the Gold Abrogation Act in 1933 when they removed all the gold and left us with only promissory notes:
"Under the new law the money is issued to the banks in return for Government obligations, bills of exchange, drafts, notes, trade acceptances, and banker's acceptances. The money will be worth 100 cents on the dollar, because it is backed by the credit of the Nation. It will represent a mortgage on all the homes and other property of all the people in the Nation."
Now combine that information with what is found in 18 U.S. Code § 8 and you start to see the entire picture. All NOTES, DRAFTS, BILLS, etc., are all “obligations or other securities of the United States.” The sole proprietorship is a “son or daughter” of the mothership corporation called the United States and all their kid’s assets and debts all fall under 18 U.S. Code § 8. This is why your name is always in ALL CAPS on the bills.
LII / Legal Information Institute
§ 3-104. NEGOTIABLE INSTRUMENT.
LII / Legal Information Institute
18 U.S. Code § 8 - Obligation or other security of the United States defined
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