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| Liability Account | ||
| A Liability Account is an account used for the recording of any debt instruments redeemed through Liability to Asset Programs of the Globe Union Reserve Bank. A Liability Account is one of five (5) types of Accounts of the Globe Union Reserve Bank. Where a Liability Instrument is not underwriting debt currency in circulation, it may be redeemed and deposited into a Liability Account directly. However, if the debt instrument underwrites an amount of debt currency, the currency must also be redeemed to the Globe Union Reserve Bank along with its associated Liability instruments. | ||
| Liability to Asset Currency Exchange Redemption Program (LAXP) | ||
| A Primary program of the Globe Union Reserve Bank until the Day of Redemption providing inferior banks and holders of Liability and Liability underwritten currency the opportunity to surrender the debt in exchange for Triple Asset Underwritten Currency and securitized asset instruments. There are four instruments available to the Globe Union Reserve Bank under the LAXP program: Currency Exchange Order (CXO), Extraordinary Drawing Request (EDR), Capital Redemption Request (CR2) and Securitized Asset Deposit Order (SADO). | ||
| Liability Underwritten Currency | ||
| Any Currency that is based upon the underwriting and assurance of promissory notes, loans, debts and/or securitized debt instruments, as opposed to asset underwitten instruments. All Currencies issued by inferior Banks such as the IMF, the European Union Central Bank and the U.S. Federal Reserve are Liability Underwritten Currencies in contrast to the Triple Asset Underwritten Currencies of the Globe Union Reserve Bank. | ||
| Liability Underwritten Currency Account | ||
| A Liability Underwritten Currency Account is an account used for the recording of any debt based currency redeemed through being attached to a redeemed Liability Instrument such as a Bond or other Security recorded in a related Liability Account of the Globe Union Reserve Bank. A Liability Underwritten Currency Account is one of five (5) types of Accounts of the Globe Union Reserve Bank. A deposit into a Liability Underwritten Currency Account is not permitted unless the associated Liability Instruments underwriting the debt currency are also redeemed and recorded at the same time, or first. | ||
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