Anibal Jose Baez
<<Pete Daoust: When I am finished ADMINISTRATING a Bill of Exchange, it's indeed, a CHECK......
The DRAWER, the one that made the check is PIERRE DAOUST
The Surety, Bank, Drawee, is Bank of Canada (That is WHY I have this Bank of Canada rubber stamp, to make sure the bank is well identified on the face of the instrument.)
And the Payee, beneficiary, the one that has the OBLIGATION to present this check to the bank, is HYDRO-QUEBEC, CRA, QRA, City of Montreal....or who ever started this Bill of Exchange, and sent it to PIERRE DAOUST...... May 24 at 3:13pm � Unlike � 1 Pete Daoust The DRAWER and the BENEFICIARY can be the same PERSON though
HAHAHAHAHA!!!!!!! May 24 at 3:17pm � Unlike � 1>>
<<Pete Daoust: Lets say PIERRE DAOUST goes to the grocery store to buy some food, and decides to PAY with MONEY OF ACCOUNT (credit card)
It is OBVIOUSLY the SOLE authorized Administrator for PIERRE DAOUST that will have to do this, so, as a good administrator, I will keep the receipts for this.
But �legally�, who bought these consumable products ? PIERRE DAOUST did, and PIERRE DAOUST has a SURETY at a bank, which happen to be Bank of Canada�.
So me, as a good administrator, what prevents me to DRAW a check to PIERRE DAOUST (beneficiary), from PIERRE DAOUST�s account at Bank of Canada, which account, happens to have an UNLIMITED credit limit ?
This seems to be pure ACCOUNTING>>
<<Pete Daoust: Here is what I am THINKING of doing....
1). Make a grocery for PIERRE DAOUST.
2). Have PIERRE DAOUST use MONEY OF ACCOUNT to PAY for that Grocery.
3). Create a Bill of Exchange, the SAME way HYDRO-QUEBEC creates theirs....with PIERRE DAOUST as a drawer, "CASH" as a beneficiary, and Bank of Canada as the Drawee....
4). Complete that Bill of Exchange, to turn it into a check.
5). Send that that check to Bank of Canada, with the receipt, with some CONSIDERATION (a certified copy of PIERRE DAOUST's birth certificate.)
6). INSTRUCT Bank of Canada to send payment to the order of "CASH", at PIERRE DAOUST's legal address.
(Thinking out loud !! ) but it completely makes sense in my brain ! May 24 at 3:58pm � Unlike � 4 Pete Daoust Bank dosen't really MAKE so much money, they mostly KEEP so much money, because of IGNORANCE of the crowd>> Chris Evan