354. IBOE review and analysis
IBOE review and analysis
Gene Kirchner
February 4, 2022
This link will help provide the legal analysis regarding the International Bill of Exchange. https://freedom-school.com/bonds/international-bill-of-exchange.pdf
In the UNCITRAL CONVENTION LINK below look through Articles 1-7, Article 11,12,13, Article 46(3) & Article 47(1), (4C), and Article 54. This documentation provides the basis for the issuance and international recognition for the IBOE by the United Nations.
https://uncitral.un.org/sites/uncitral.un.org/files/media-documents/uncitral/en/x_12_e.pdf
https://uncitral.un.org/sites/uncitral.un.org/files/media-documents/uncitral/en/bills_of_exchange_expl_note.pdf (Note by the UNCITRAL Secretariat on the United Nations Convention on International Bills of Exchange)
Provision for the Acceptability by the FED for Payment
Section 13. Powers of Federal Reserve Banks
1. Receipt of deposits and collections
Any Federal reserve bank may receive from any of its member banks, or other depository institutions, and from the United States, deposits of current funds in lawful money, national-bank notes, Federal reserve notes, or checks, and drafts, payable upon presentation, or other items, and also, for collection, maturing notes and bills; or, solely for purposes of exchange or of collection, may receive from other Federal reserve banks deposits of current funds in lawful money, national-bank notes, or checks upon other Federal reserve banks, and checks and drafts, payable upon presentation within its district, or other items, and maturing notes and bills payable within its district; or, solely for the purposes of exchange or of collection, may receive from any nonmember bank or trust company or other depository institution deposits of current funds in lawful money, national-bank notes, Federal reserve notes, checks and drafts payable upon presentation or other items, or maturing notes and bills: Provided, Such nonmember bank or trust company or other depository institution maintains with the Federal reserve bank of its district a balance in such amount as the Board determines taking into account items in transit, services provided by the Federal Reserve Bank, and other factors as the Board may deem appropriate; Provided further, That nothing in this or any other section of this Act shall be construed as prohibiting a member or nonmember bank or other depository institution from making reasonable charges, to be determined and regulated by the Board of Governors of the Federal Reserve System, but in no case to exceed 10 cents per $100 or fraction thereof, based on the total of checks and drafts presented at any one time, for collection or payment of checks and drafts and remission therefor by exchange or otherwise; but no such charges shall be made against the Federal reserve banks.
[12 USC 342. As amended by act of Sept. 7, 1916 (39 Stat. 752), which completely revised this section; June 21, 1917 (40 Stat. 234); and March 31, 1980 (94 Stat. 139). With respect to the receipt by Reserve Banks of checks and drafts on deposit, see also this act, section 16.]
https://www.federalreserve.gov/aboutthefed/section13.htm
In application of the language of the USA FEDERAL RESERVE ACT, Section 13 above the Fort Hancock Water Control and Improvement District , a public utility located in Texas, USA has DECLARED that when doing business with the utility that the term “may” is to be interpreted to mean “shall” and the word “depository” is to be interpreted as any entity anywhere that may legally hold on deposit value registered in United States Dollars. The significance of this declaration is that it allows customers of the utility, or customers of customers of the utility to deposit and transfer IBOE’s as USD.
FORT_HANCOCK_WATER_CONTROL_AND IMPROVEMENT DISTRICT-DECLARATION
Also check out the following link to the Uniform Commercial Code of Texas Chapter 12 Section 12 pages 461-463 and the law as amended by House Bill 4474 which amended the Uniform Commercial Code of Texas to recognize cryptocurrencies under commercial law. Combining these two sections provides HOWSE Services, LLC the legal basis to use Spurt as collateral in the IBOE as the firm controls most of that form of asset. See Sec. 12.004. By extension, FLRN and EBX may fall under the same codification in due course. https://statutes.capitol.texas.gov/Docs/SDocs/BUSINESSANDCOMMERCECODE.pdf
https://cointelegraph.com/news/cryptocurrencies-now-legally-recognized-under-commercial-law-in-texas
Additional US Codes that related to the issuance and redemption of IBOE’s in general.
Title 31 C.F.R. Parts 203 & 380 that govern the TT&L program https://www.newyorkfed.org/aboutthefed/fedpoint/fed21.html
https://www.treasurydirect.gov/instit/statreg/collateral/collateral_gsrttlaccxx.pdf
Any payment, conveyance, transfer, assignment, or delivery of property or interest therein, made to or for the account of the United States, or as otherwise directed, pursuant to this subdivision or any rule, regulation, instruction, or direction issued hereunder shall to the extent thereof be a full acquittance and discharge for all purposes of the obligation of the person making the same; and no person shall be held liable in any court for or in respect to anything done or omitted in good faith in connection with the administration of, or in pursuance of and in reliance on, this subdivision, or any rule, regulation, instruction, or direction issued hereunder.
Title 31 U.S.C. § 5312 “Financial Institution” means a Private Banker
https://codes.findlaw.com/us/title-31-money-and-finance/31-usc-sect-5312.html
12 U.S. Code § 411 - Issuance to reserve banks; nature of obligation; redemption
Federal reserve notes, to be issued at the discretion of the Board of Governors of the Federal Reserve System for the purpose of making advances to Federal reserve banks through the Federal reserve agents as hereinafter set forth and for no other purpose, are authorized. The said notes shall be obligations of the United States and shall be receivable by all national and member banks and Federal reserve banks and for all taxes, customs, and other public dues. They shall be redeemed in lawful money on demand at the Treasury Department of the United States, in the city of Washington, District of Columbia, or at any Federal Reserve bank.
(Dec. 23, 1913, ch. 6, § 16 (par.), 38 Stat. 265; Jan. 30, 1934, ch. 6, § 2(b)(1), 48 Stat. 337; Aug. 23, 1935, ch. 614, title II, § 203(a), 49 Stat. 704.)
https://www.law.cornell.edu/uscode/text/12/411#tab_default_1
The Hague Convention of 1912 as relating to Bills of Exchange
https://scholarlycommons.law.case.edu/cgi/viewcontent.cgi?article=3224&context=caselrev
https://digitalcommons.law.yale.edu/cgi/viewcontent.cgi?article=5536&context=fss_papers
Reference via various stamps from IBOE issued with Federal Reserve Bank of Boston as Drawee
