Beverly Berta Braakschmack
"money" as defined in the Financial Administration Act, works in this order: BILLS � NOTES � BONDS
BILLS: Bills of Exchange NOTES: Promissory Note BOND: Insurance
Bills accepted are SETOFF or set-off: 3. The balancing of mutual liabilities with respect to a pledge relationship.
Promissory Note: Discharge to another time in the future (because of the bankruptcy) ie. I promise to pay... like all notes are
Bond: 2. A written promise to pay money or do some act if certain circumstances occur or a certain time elapses; a promise that is defeasible upon a condition subsequent; esp., an instrument under seal by which (1) a public officer undertakes to pay a sum of money if he or she does not faithfully discharge the responsibilities of office, or (2) a surety undertakes that if the public officer does not do so, the surety will be liable in a penal sum.
BOND IS ALREADY IN PLACE.