So if you agree common law is preserved in the judiciary act...which you do citing it as a good example of such; but you don't agree "without prejudice" in the ucc is the same? You don't agree redemption of a private commercial banknote to actual no interest lawful us currency issued directly by treasury is the same? All simply based on an incorrect assumption on your part that fed notes are lawful money having no legislation saying so and merely iffy case law that does not become iffy if you apply the ucc?
I don't agree that the common law is preserved in the Judiciary Act. The Judiciary Act says that federal courts have admiralty jurisdiction, saving to suitors the right to a common law remedy in state court where the common law is competent to give it. If all the states abolished their common law admiralty remedies, the common law wouldn't be competent to give a remedy. This does not purport to
preserve the common law, it merely says that people can utilize that common law where it exists to provide an admiralty remedy concurrent with federal jurisdiction. Because some states retain those common law admiralty remedies, they remain relevant
What about "without prejudice" in the UCC? If you're dealing with something the UCC doesn't apply to, the "without prejudice" provision is irrelevant.
It would make no sense to apply the UCC to the case law. The case law is about the interpretation of a
federal statute; the UCC is merely
state law enacted at the state level. The federal courts are not considering the UCC in their decisions about the meaning of the Federal Reserve Act. To suggest otherwise is absurd.
So now you say redemption is no longer authorized on any level which is false. You just can't redeem in specie. So I get a fed note and explain why that works in commercial federal law merchant terms and that makes no sense to you on your pure faith assumption fed notes are lawful money not subject to ucc? How then are fed notes floating commercially all over the world then? Can't have it both ways.
If you can't redeem for anything but paper, why does redemption matter? It doesn't. Redemption in specie is what I was referring to--holding some metal in your hand. When this ability finally ceased altogether in the 1960s and congress made the formerly specie money redeemable solely for Federal Reserve Notes, the distinction between types of currency broke down.
There's no such thing as "commercial federal law merchant terms," so I have no idea what you're claiming you did. I'm not making a "pure faith assumption" that Federal Reserve Notes are not subject to the UCC. The UCC doesn't require "lawful money" in its definition of "money"; the comments by the drafters say that the definition is intended to exceed "legal tender," and indeed, the definition is extremely broad, certainly encompassing the Fed's bills. You cannot possibly argue that Federal Reserve Notes aren't money under the UCC definition, which means they cannot be negotiable instruments in Article 3.
How are Federal Reserve Notes "floating commercial all over the world"? People are willing to accept them in exchange for goods and services, which enables the notes to circulate. There you go. It has nothing to do with them being negotiable and everything to do with them being
currency--that's what currency does, generally, get exchanged in commerce.