Obscure Legal Term for Destroying Cash

[FarCryFromHuman]

Hi all,
I am currently taking a Business Law class at a state university. My instructor has assigned us an unusual homework assignment. He tells a story of sitting in a meeting leading to the formation of an LLC, during which all the investors brought stacks of cash around $10,000. They then proceeded to rip up the bills while exchanging small talk. After the ritual was completed, the investors got down to business and hammered out their articles.

Apparently this is a common practice among investors forming new associations, so common it has its own technical legal term. The assignment is to find this term, using any means available. Thus, I am asking here. Have any of you ever heard of this occurring, and if so, found the name for it?

Thanks for any replies.

P.S.: Yes, I know the act is actually illegal pursuant to Title 18, Section 333 of the United States Code, punishable by a delightfully short stay in a concrete box and a small fine.

 

[sandyclaus]

Hi all,
I am currently taking a Business Law class at a state university. My instructor has assigned us an unusual homework assignment. He tells a story of sitting in a meeting leading to the formation of an LLC, during which all the investors brought stacks of cash around $10,000. They then proceeded to rip up the bills while exchanging small talk. After the ritual was completed, the investors got down to business and hammered out their articles.

Apparently this is a common practice among investors forming new associations, so common it has its own technical legal term. The assignment is to find this term, using any means available. Thus, I am asking here. Have any of you ever heard of this occurring, and if so, found the name for it?

Thanks for any replies.

P.S.: Yes, I know the act is actually illegal pursuant to Title 18, Section 333 of the United States Code, punishable by a delightfully short stay in a concrete box and a small fine.

We don't do homework here.

It's YOUR assignment. Do your own legal research. Don't expect others to do it for you.

 

[FarCryFromHuman]

I believe reaching out to experts for advice is a kind of research. He was also very specific about using "any means available." I am taking him at his word.

 

[sandyclaus]

Give a man a fish, he eats for a day.
TEACH a man to fish, he eats for a lifetime.

Asking an expert for the answer is akin to the first and not the second.

Do your own research. Try google, the law library, etc.

 

[FarCryFromHuman]

I have. This is not an easy topic to even begin researching, let alone find the answer to. In short, it is not fishing. If you are bored, sir, I hope this humble student is entertaining you.

 

[latigo]

Hi all,
I am currently taking a Business Law class at a state university (why?) . . . . (yackety yack) . . . .

It is called playing house; House of Congress.

Does this "instructor" favor a particular bridge to sleep under? Or do they serve LSD in the faculty lunch room?

 

[FarCryFromHuman]

I think he would appreciate both of those insinuations, actually. He is a very unique man. Once upon a time he worked in microprocessor patent law, now he juggles more plates than I have in my kitchen cabinet.

 

[FlyingRon]

Give a man a fish, he eats for a day.
TEACH a man to fish, he eats for a lifetime.

Teach a man to fish and he'll sit in a boat all day drinking beer.

 

[TigerD]

Start a fire for a man and he will be warm for an evening. Start a man on fire and he will be warm for the rest of his life.

DC

 

[Antigone*]

Start a fire for a man and he will be warm for an evening. Start a man on fire and he will be warm for the rest of his life.

DC

Tear up cash and earn the moron of the year award!

 

[tranquility]

Tear up cash and earn the moron of the year award!

I'm told it is quite common for investors forming a new association to destroy a bunch of cash while making small talk. I believe it's called being disingenuous.

 

[latigo]

Teach a man to fish and he'll sit in a boat all day drinking beer.

Maybe . . . but mostly you are teaching him to lie.

Which is why people aren't interested in teaching lawyers how to fish.

 

[Silverplum]

Maybe . . . but mostly you are teaching him to lie.

Which is why people aren't interested in teaching lawyers how to fish.

And yet, lawyers learn to golf, which is another exercise in lying. (Sometimes.)

 

[latigo]

And yet, lawyers learn(?) to golf, which is another exercise in lying. (Sometimes.)

Many try, but few ever "learn" how to golf!

Which, after dozens of years at struggling with this humbling game, I think I am qualified to give you an accurate description of it:

It is like being in love with a beautiful woman that retches at the very sight of you!

And quoting from mulitiple Major Tournament Winner, Gary Player (paraphrased), "It is a game that when you finally believe you have accomplished it, you are too old to remember how."

Sort of like Georgia's late humorist, Louis Gizzard: "When my girlfriend finally emerges from the lady's room, will I be too old to care?"

Also from Louis, an avid UGA supporter: "There is no truth to the rumor that Georgia football players are being paid. We just give each player a "7-11" and they can rob it any time they please."