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What is a Bank Loan ?
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08-28-2012, 11:17 AM
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Progniusis
Join Date
Oct 2005
Posts
477
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The short answer: A deal that you cannot possibly win.
You might not win but you come closer when you demand a receipt for any document you autograph. Your autograph is your property. It is valuable and the idea is you want the original back.
These customs fall out of the concept of common law simply because neither gold nor silver back these transactions. Common law requires a minimum of "one dollar and other valuable considerations". A FRN certainly qualifies for "other valuable considerations" but what you are lacking is one dollar. A simple way to fulfill the common law requirement for substance is to affix a red fox stamp [U.K. members will need a lawful pound sterling stamp]. While it is marked one dollar the stamp will set you back anything from $4 to $10 (in single quantities). At this it is worth the effort to be able to remove the contract from equity/admiralty.
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