This Is My Fifth Comment on Bitcoin. the First One Was Put at SR-Cboebzx-2018-040 (Right Here) on 08/13/2018, the Second at SR-N
Total Page：16
File Type：pdf, Size：1020Kb
Load more
Recommended publications
-
History and Economics of Suretyship Willis D
Cornell Law Review Volume 12 Article 2 Issue 2 Febraury 1927 History and Economics of Suretyship Willis D. Morgan Follow this and additional works at: http://scholarship.law.cornell.edu/clr Part of the Law Commons Recommended Citation Willis D. Morgan, History and Economics of Suretyship , 12 Cornell L. Rev. 153 (1927) Available at: http://scholarship.law.cornell.edu/clr/vol12/iss2/2 This Article is brought to you for free and open access by the Journals at Scholarship@Cornell Law: A Digital Repository. It has been accepted for inclusion in Cornell Law Review by an authorized administrator of Scholarship@Cornell Law: A Digital Repository. For more information, please contact [email protected]. The History and Economics of Suretyship* By WILLIS D. MORGANt EARLY HISTORY OF THE CONTRACT OF SURETYSHIP The contract of suretyship antedates the Christian era by more than 2500 years.' The Library of Sargon I, king of Accad and Sumer (circa 275o B. C.) contains a tablet which records the making of such a contract. This contract, although made nearly 4700 years ago, contains features which are strikingly modern. A farmer, who resided in the suburbs of Accad, had been drafted into the military service of the king. He entered into a contract with a second farmer by the terms of which the latter agreed to cultivate the soldier's farm for the period of his absence. He also agreed to fertilize the land properly and to maintain the property and return it to the owner upon the expiration of the lease, in as good condition generally as when received by him. -
Monetary Policy in a World of Cryptocurrencies∗
Monetary Policy in a World of Cryptocurrencies Pierpaolo Benigno University of Bern March 17, 2021 Abstract Can currency competition affect central banks’control of interest rates and prices? Yes, it can. In a two-currency world with competing cash (material or digital), the growth rate of the cryptocurrency sets an upper bound on the nominal interest rate and the attainable inflation rate, if the government cur- rency is to retain its role as medium of exchange. In any case, the government has full control of the inflation rate. With an interest-bearing digital currency, equilibria in which government currency loses medium-of-exchange property are ruled out. This benefit comes at the cost of relinquishing control over the inflation rate. I am grateful to Giorgio Primiceri for useful comments, Marco Bassetto for insightful discussion at the NBER Monetary Economics Meeting and Roger Meservey for professional editing. In recent years cryptocurrencies have attracted the attention of consumers, media and policymakers.1 Cryptocurrencies are digital currencies, not physically minted. Monetary history offers other examples of uncoined money. For centuries, since Charlemagne, an “imaginary” money existed but served only as unit of account and never as, unlike today’s cryptocurrencies, medium of exchange.2 Nor is the coexistence of multiple currencies within the borders of the same nation a recent phe- nomenon. Medieval Europe was characterized by the presence of multiple media of exchange of different metallic content.3 More recently, some nations contended with dollarization or eurization.4 However, the landscape in which digital currencies are now emerging is quite peculiar: they have appeared within nations dominated by a single fiat currency just as central banks have succeeded in controlling the value of their currencies and taming inflation. -
Promissory Note Comparison Guide
Promissory Note Comparison Guide © LEGALZOOM.COM, INC. 2009 Borrowing from or lending money to a friend or colleague is a sensitive situation. A lender wants to be sure money is returned on a timely basis. A borrower wants enough time to repay the amounts and some flexibility on interest rates. If you lend money to a family member or borrow money from your neighbor, you may find it useful (and comforting) to keep a record of the exchange and set out a schedule for repayment. By writing down specific terms, you are creating a “promissory note” to be evidence of the debt. A promissory note is not the same as an IOU. An IOU tells the world money is owed, but does not provide details about when and how it will be repaid. A promissory note gives the details of both the debt and the repayment plan, including any deadlines or interest payment requirements. Like most agreements, promissory notes can be tailored to meet your needs. There are, however, certain essential elements of a promissory note. Be careful if you’re signing (or offering) a promissory note that doesn’t meet the following requirements. Writing . Promissory notes must be in writing. There is no such thing as a “verbal” promissory note. Someone may promise to repay you, but it will be difficult to prove, and you may not be able to get it enforced in court without a written record. For Money . A promissory note is valid only if it is a promise to pay money. A promise to give property (or both property and money) is not a promissory note. -
Case 1:15-Cv-01310-RJJ-RSK ECF No. 34, Pageid
Case 1:15-cv-01310-RJJ-RSK ECF No. 34, PageID.<pageID> Filed 08/16/16 Page 1 of 10 UNITED STATES DISTRICT COURT WESTERN DISTRICT OF MICHIGAN SOUTHERN DIVISION STEVEN L. MARVIN, Case No. 1:15-cv-1310 Plaintiff, Hon. Robert J. Jonker v. CAPITAL ONE, Defendant. / REPORT AND RECOMMENDATION Pro se plaintiff filed a complaint against defendant Capital One Bank (USA), N.A. (named in the complaint as “Capital One”). This matter is now before the Court on Capital One’s motion to dismiss (docket no. 6). I. Background This case involves a dispute arising out of plaintiff’s use of a Capital One credit card ending in the number 7624. Compl.(docket no. 1, PageID.16); Letter (Nov. 4, 2015) (docket no. 1-1, PageID.21). Plaintiff apparently incurred a credit card debt in the amount of $5,754.24. Plaintiff’s Fax (Sept. 30, 2015) (docket no. 1-1, PageID.43). Rather than pay the credit card debt with a check or money order, plaintiff issued defendant “two separate promissory notes.” Compl. at PageID.2. After sending the first note, Capital One required plaintiff to send a second note along with his social security number, date of birth, and other specific data for submission to its fulfillment center for processing. Id. Sometime prior to September 30, 2105, plaintiff sent a second “promissory note” in the amount of $5,000.00, “with my wet signature on it along with my thumb print in red ink with Case 1:15-cv-01310-RJJ-RSK ECF No. 34, PageID.<pageID> Filed 08/16/16 Page 2 of 10 numerous legal citations quoted on the face of the promissory note.” Plaintiff’s Fax at PageID.43. -
Deed of Trust and Promissory Note
Sacramento County Public Law Library & Civil Self Help Center 609 9th St. Sacramento, CA 95814 saclaw.org (916) 874-6012 >> Home >> Law 101 DEED OF TRUST AND PROMISSORY NOTE Real Property as Security for a Loan This Guide includes instructions and sample forms in a format that the Sacramento County Recorder’s Office will accept. The Guide and related forms may be downloaded from: saclaw.org/deed-of-trust. BACKGROUND Related Step-by-Step Guides A deed of trust, also called a trust deed, is the functional • Completing and Recording equivalent of a mortgage. It does not transfer the ownership Deeds of real property, as the typical deed does. Like a mortgage, a • Petition to Release trust deed makes a piece of real property security (collateral) Mechanics’ Lien for a loan. If the loan is not repaid on time, the lender can foreclose on and sell the property and use the proceeds to Find all this information on our pay off the loan. website at saclaw.org. Note: A trust deed is not used to transfer property to a living trust (use a Grant Deed for that). Other than the terminology, trust deeds and living trusts have nothing in common. A living trust is used to avoid probate, not to provide security for a loan. See the Law 101 page on Wills, Trusts, and Estate Planning on our website at saclaw.org/law-101/plan-estate/ for more information on that topic. A trust deed is always used together with a promissory note that sets out the amount and terms of the loan. -
Download Espinal.Information.Pdf
UNITED STATES DISTRICT COURT DISTRICT OF NEW JERSEY UNITED STATES OF AMERICA Hon. Crim. No. 20- v. 18 U.S.C. S 1349 18 U.S.C. S 2 EDWARD ESPINAL 1s U.s.C. SS 78j(b) and 78ff 17 C.F.R. S 24O.10b-5 INFORMATION The defendant having waived in open court prosecution by Indictment, the United States Attorney for the District of New Jersey charges: COUNT ONE (Conspiracy to Commit Bank Fraud) 1. At all times relevant to this Information: a. Cash Flow Partners, LLC ("Cash Flou/'), was a business- consulting firm with offices in New Jersey and New York. b. Edward Espinal ('ESPINAL") was the founder and Chief Executive Officer ("CEO") of Cash Flow. As the CEO of Cash Flow, ESPINAL controlled Cash Flow's operations. Cash Flow employees reported to ESPINAL, and ESPINAL directed their activities. ESPINAL owned Cash Flow from on or about January 5,2016, when the company was registered, through on or about April 9,2018, when ESPINAL transferred ownership of Cash Flow to his wife. c. The "Payroll Company' was a New Jersey corporation that provided payroll processing services and reports to its client companies. d. Victim Bank 1 was a federally insured financial institution, as that term is defined in Title 18, United States Code, Section 20. e. victim Investors 1 and 2 invested money with ESPINAL and Cash Flow. The Bank Fraud ConsPiracv 2. From in or around March 2016 through in or around December 2olg, in Bergen County, in the District of New Jersey, and elsewhere, defendant EDWARD ESPINAL knowingly and intentionally conspired and agreed with others to execute and attempted to execute a scheme and artifice to defraud financial institutions, as defined. -
86-2 17-37.Pdf
Opinions expressedil'lthe/ nomic Review do not necessarily reflect the vie management of the Federal Reserve BankofSan Francisco, or of the Board of Governors the Feder~1 Reserve System. The FedetaIReserve Bank ofSari Fraricisco's Economic Review is published quarterly by the Bank's Research and Public Information Department under the supervision of John L. Scadding, SeniorVice Presidentand Director of Research. The publication is edited by Gregory 1. Tong, with the assistance of Karen Rusk (editorial) and William Rosenthal (graphics). For free <copies ofthis and otherFederal Reserve. publications, write or phone the Public InfofIllation Department, Federal Reserve Bank of San Francisco, P.O. Box 7702, San Francisco, California 94120. Phone (415) 974-3234. 2 Ramon Moreno· The traditional critique of the "real bills" doctrine argues that the price level may be unstable in a monetary regime without a central bank and a market-determined money supply. Hong Kong's experience sug gests this problem may not arise in a small open economy. In our century, it is generally assumed that mone proposed that the money supply and inflation could tary control exerted by central banks is necessary to successfully be controlled by the market, without prevent excessive money creation and to achieve central bank control ofthe monetary base, as long as price stability. More recently, in the 1970s, this banks limited their credit to "satisfy the needs of assumption is evident in policymakers' concern that trade". financial innovations have eroded monetary con The real bills doctrine was severely criticized on trols. In particular, the proliferation of market the beliefthat it could lead to instability in the price created substitutes for money not directly under the level. -
Promissory Note
Promissory Note – Installment Payments with Interest Borrower: ________________________________ Lender: ________________________________ Borrower promises to pay to Lender the amount of $ ___________ on ________________ [date payment is due] at ________________________________ [address where payments are to be sent] at the rate of __________ % per year from the date this note was signed until the date it is due. 2. Borrower agrees that this note will be paid in installments, which include principal and interest, of not less than $ ___________ per month, due on the first day of each month, until the principal and interest are paid in full. 3. If any installment payment due under this note is not received by Lender within __days of its due date, the entire amount of unpaid principal will become immediately due and payable at the option of Lender without prior notice to Borrower. 4. If Lender prevails in a lawsuit to collect on this note, Borrower agrees to pay Lender's attorney fees in an amount the court finds to be just and reasonable. The term Borrower refers to one or more borrowers. If there is more than one borrower, they agree to be jointly and severally liable. The term Lender refers to any person who legally holds this note, including a buyer in due course. Borrower's signature: ________________________________ Date: ________________________________ Print name: ________________________________ Location: ________________________________ [city or county where signed] Address: ____________________ ____________________ Certificate -
A Review of Ethnographic and Historically Recorded Dentaliurn Source Locations
FISHINGFOR IVORYWORMS: A REVIEWOF ETHNOGRAPHICAND HISTORICALLY RECORDEDDENTALIUM SOURCE LOCATIONS Andrew John Barton B.A., Simon Fraser University, 1979 THESIS SUBMITTED IN PARTIAL FULFILLMENT OF THE REQUIREMENTS FOR THE DEGREE OF MASTER OF ARTS IN THE DEPARTMENT OF ARCHAEOLOGY Q Andrew John Barton 1994 SIMON FRASER UNIVERSITY Burnaby October, 1994 All rights reserved. This work may not be reproduced in whole or in part, by photocopy or other means without permission of the author. Name: Andrew John Barton Degree: Master of Arts (Archaeology) Title of Thesis: Fishing for Ivory Worms: A Review of Ethnographic and Historically Recorded Dentaliurn Source Locations Examining Committee: Chairperson: Jack D. Nance - -, David V. Burley Senior Supervisor Associate Professor Richard Inglis External Examiner Department of Aboriginal Affairs Government of British Columbia PARTIAL COPYRIGHT LICENSE I hereby grant to Simon Fraser University the right to lend my thesis or dissertation (the title of which is shown below) to users of the Simon Fraser University Library, and to make partial or single copies only for such users or in response to a request from the library of any other university, or other educational institution, on its own behalf or for one of its users. I further agree that permission for multiple copying of this thesis for scholarly purposes may be granted by me or the Dean of Graduate Studies. It is understood that copying or publication of this thesis for financial gain shall not be allowed without my written permission. Title of ThesisIDissertation: Fishing for Ivory Worms: A Review of Ethnographic and Historically Recorded Dentalium Source Locations Author: Andrew John Barton Name October 14, 1994 Date This study reviews and examines historic and ethnographic written documents that identify locations where Dentaliurn shells were procured by west coast Native North Americans. -
US Monetary Policy 1914-1951
Volatile Times and Persistent Conceptual Errors: U.S. Monetary Policy 1914-1951 Charles W. Calomiris * November 2010 Abstract This paper describes the motives that gave rise to the creation of the Federal Reserve System , summarizes the history of Fed monetary policy from its origins in 1914 through the Treasury-Fed Accord of 1951, and reviews several of the principal controversies that surround that history. The persistence of conceptual errors in Fed monetary policy – particularly adherence to the “real bills doctrine” – is a central puzzle in monetary history, particularly in light of the enormous costs of Fed failures during the Great Depression. The institutional, structural, and economic volatility of the period 1914-1951 probably contributed to the slow learning process of policy. Ironically, the Fed's great success – in managing seasonal volatility of interest rates by limiting seasonal liquidity risk – likely contributed to its slow learning about cyclical policy. Keywords: monetary policy, Great Depression, real bills doctrine, bank panics JEL: E58, N12, N22 * This paper was presented November 3, 2010 at a conference sponsored by the Atlanta Fed at Jekyll Island, Georgia. It will appear in a 100th anniversary volume devoted to the history of the Federal Reserve System. I thank my discussant, Allan Meltzer, and Michael Bordo and David Wheelock, for helpful comments on earlier drafts. 0 “If stupidity got us into this mess, then why can’t it get us out?” – Will Rogers1 I. Introduction This chapter reviews the history of the early (1914-1951) period of “monetary policy” under the Federal Reserve System (FRS), defined as policies designed to control the overall supply of liquidity in the financial system, as distinct from lender-of-last-resort policies directed toward the liquidity needs of particular financial institutions (which is treated by Bordo and Wheelock 2010 in another chapter of this volume). -
Bill of Exchange, Promissory Note and Cheque
342 Chapter 28 Bill of exchange, Promissory Note and Cheque 1. General Romania is not part of the Geneva Convention of June 7, 1930 for a unitary law of the bills of exchange and promissory notes and did not ratify the Geneva Convention of March 19, 1931 regarding cheque, although having signed the latter. However, the applicable legislation, adopted for the most part in 1934, follows exactly the rules established by the two conventions. 2. Main Regulations The main legal regulations applicable in the field are: Law No. 58/1934 on the bill of exchange and promissory note, with subsequent amendments and supplements (“Law No. 58/1934”); Law No. 59/1934 on cheque, with subsequent amendments and supplements (“Law No. 59/1934”); Framework-norms No. 6/1994 of the National Bank of Romania (“NBR”) regarding the trading of bills of exchange and of promissory notes by banking companies and other credit companies, based on Law No. 58/1934 on the bill of exchange and promissory note, with subsequent amendments and supplements (“Norms No. 6/1994”); NBR framework-norms no 7/1994 regarding trading of cheques by the banking companies and other credit companies, based on Law No. 59/1934 on cheques, with subsequent amendments and supplements (“Norms No. 7/1994”); NBR technical norms No. 4/2008 on cheques (“Norms No. 4/2008”); NBR technical norms No. 5/2008 regarding the bill of exchange and the promissory note (“Norms No. 5/2008”); Regulation No. 10/1994 regarding multilateral compensation of the inter-banking payments without paper cash, with subsequent amendments and supplements (“Regulation No. -
The Real Bills Views of the Founders of the Fed
Economic Quarterly— Volume 100, Number 2— Second Quarter 2014— Pages 159–181 The Real Bills Views of the Founders of the Fed Robert L. Hetzel ilton Friedman (1982, 103) wrote: “In our book on U.S. mon- etary history, Anna Schwartz and I found it possible to use M one sentence to describe the central principle followed by the Federal Reserve System from the time it began operations in 1914 to 1952. That principle, to quote from our book, is: ‘Ifthe ‘money market’ is properly managed so as to avoid the unproductive use of credit and to assure the availability of credit for productive use, then the money stock will take care of itself.’” For Friedman, the reference to “the money stock”was synonymous with “the price level.”1 How did American monetary experience and debate in the 19th century give rise to these “real bills” views as a guide to Fed policy in the pre-World War II period? As distilled in the real bills doctrine, the founders of the Fed under- stood the Federal Reserve System as a decentralized system of reserve depositories that would allow the expansion and contraction of currency and credit based on discounting member-bank paper that originated out of productive activity. By discounting these “real bills,”the short- term loans that …nanced trade and goods in the process of production, policymakers ful…lled their responsibilities as they understood them. That is, they would provide the reserves required to accommodate the “legitimate,” nonspeculative, demands for credit.2 In so doing, they The author acknowledges helpful comments from Huberto Ennis, Motoo Haruta, Gary Richardson, Robert Sharp, Kurt Schuler, Ellis Tallman, and Alexander Wolman.