“Banking” Is partly and optionally defined as “The business of issuing notes for circulation, negotiating bills.” Black’s Law Dictionary, 5th Edition, page 133, defines “Banking”: “The business of banking, as defined by law and custom, consists in the issue of notes, intended to circulate as money..
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And defines a “Banker’s Note” as: “A commercial instrument resembling a banknote in every particular except that it is given by a private banker or unincorporated banking institution.”
LEGAL TENDER DEFINED:
Legal tender under the Uniform Commercial Code (U.C.C.), Section 1-201(24) (Official Comment); “The referenced Official Comment notes that the definition of money is not limited to legal tender under the U.C.C. The test adopted is that of sanction of government, whether by authorization before issue or adoption afterward, which recognizes the circulating medium as a part of the official currency of that government. “The narrow view that money is limited to legal tender or FRNs is rejected.” Think about it..