Negotiable, Non-Redeemable and Restricted Indorsements
Negotiable (in simple terms) means changeable, in the case of notes or credit, elastic and changeable by agreement. An unsigned contract is negotiable, but once indorsed, it is law. In terms of contract the contract is now legal and lawful. Meaning binding on land and sea, Constitutional and maritime jurisdictions. Redemption is returning some thing to a lawful state. Federal reserve credit, in any form is legal (law of the sea) and lawful (via a contract with Congress) it is extra-Constitutional. Meaning there is nothing expressly written in the Constitution that forbids Congress from letting a private company supply currency to the people. Nor letting market forces value that currency. Since it is such a gray area, Congress, being mostly attorneys, are trying to be coy in leaving the "endorsement" of their Federal Reserve Contract in the hands of the people. Individual indorsement of Federal reserve credit effectively washes their hands (legally and lawfully) to the extra-constitutional nature of their acts.
If one puts "NON-REDEEMABLE" it would be telling anyone else who got that note or credit they did not have the choice to redeem it or not via indorsement or non-indorsement. That would be against the law, one has to give them the choice to accept redemption or not.
The use of the words, "Redeemed for Lawful Money Per 12 U.S.C. ยง 411", "Without Recourse" or "Trustee" would constitute as a restricted indorsement. Each idea gives a limitation or constraint, either by law, by notice of limited liability or outright nullification of signature.
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