https://govtrackus.s3.amazonaws.com/legislink/pdf/stat/38/STATUTE-38-Pg251a.pdf
Link to the federal reserve enabling legislation. Note you can find 9 instances dealing with lawful money versus federal reserve notes. Lawful Money of the US is NOT the same as federal reserve notes. They are currently interchangeable on your designation but they are apples and oranges finance wise.
I always indorse checks with “redeem lawful money per 12 USC Sec 411” and receive same. That is not taxable as I understand it. Should I open a checking or savings account with that stipulation I will not be paid interest upon same BUT that money is not a debt obligation of the bank to me and in theory (i.e. non crooked world) it shall not be loaned and is not at risk as is an interest bearing deposit.
Note in the definition of indorse/endorse (slightly different, more so in older legal definitions)
to write on the back of
especially : to sign one’s name as payee on the back of (a check) in order to obtain the cash or credit represented on the face.
Cash = Lawful Money
Credit = Federal Reserve Notes
YMMV...
So what does that look like as opposed the Fed Res notes I get when I cash a check?
Axenolith wrote:
“...I always indorse checks with “redeem lawful money per 12 USC Sec 411” and receive same. That is not taxable as I understand it. Should I open a checking or savings account with that stipulation I will not be paid interest upon same BUT that money is not a debt obligation of the bank to me and in theory (i.e. non crooked world) it shall not be loaned and is not at risk as is an interest bearing deposit. ... “
What happened after you opened an interes-bearing checking or savings account with that stipulation; did you get a statement showing you had earned interest?