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 It is misunderstood by tech people ([[bitcoin]] isn’t [[cash]]; it’s a fraudulent asset); by people who ask for [[client money]] protection from a [[bank]], and by those who aspire to take [[Security interest|security]] over it.
 ===A token of abstract value===
-''Cash is not an [[asset]]. It is not [[property]].'' Cash is is a ''token of abstract value''. It is a will ’o’ the wisp, a woodland sprite, an ephemerality which floats freely of the mortal chains of commerce. It is [[derivative]] of nothing beyond the common opinion of all merchants in the town square. It is like Sandy Denny, or one of those free-spirited hippie types that dances round toadstools: It cannot be owned, only ''held''<ref>{{ford fairlane bonus plan}}</ref> — which is another way of saying whoever holds it [[Ownership|owns]] it, outright, against all the world. [[Cash]] requires your total commitment, or nothing: you can’t futz around with it, you can’t declare a [[trust]] over it, [[pledge]] it, or hold it for anyone other than yourself. If you could, this would undermine the practical value of money ''as'' money: a £5 note, to be meaningful, must be a token worth exactly £5. It has no intrinsic value — it’s a scruffy bit of paper. If the notional value is £5 but there is a risk that the person giving it to you may not own it — that some random may snatch it from your hands after you have given up your goods in exchange for it, alleging some prior ownership right — ''then it does not have a value of £5 any more''.
+''Cash is not an [[asset]]. It is not [[property]].'' Cash is is a ''token of abstract value''. It is a will ’o’ the wisp, a woodland sprite, an ephemerality which floats freely of the mortal chains of commerce. It is [[derivative]] of ''nothing'', beyond the common opinion of merchants in the town square. It is like Sandy Denny, or one of those free-spirited hippie types that dances round toadstools: It cannot be owned, only ''held''<ref>{{ford fairlane bonus plan}}</ref> — which is another way of saying ''whoever holds it [[Ownership|owns]] it, outright, against all the world''.
-===Whoever holds it owns it. No exceptions.===
+[[Cash]] requires your total commitment, or nothing: you can’t futz around with it, you can’t declare a [[trust]] over it<ref>You can declare a trust over an account that holds cash, of course: a subtly, but significantly, different thing.</ref>, [[pledge]] it, or hold it for anyone other than yourself. If you could, this would undermine the practical value of money ''as'' money: a £5 note, to be meaningful, must be a token worth exactly £5. A bank note has no intrinsic value — it’s a scruffy bit of paper. If a bank note’s notional value is £5 but you fear that the person giving it to you may not own it — there is a risk that some random may snatch it from your hands after you have given up your goods in exchange for it, alleging some prior ownership right — ''then it does not have a value of £5 any more''.
-Transfer of [[cash]] to another person — this is called “[[payment]]”, not “[[delivery]]” — with the expectation of its return fundamentally, ''necessarily'', creates '''[[indebtedness]]'''. By transferring cash to someone else in expectation of its return, you convert your own ''holding'' of that abstract token to a claim on the estate of the person to whom you transferred it for [[repayment]] of that [[debt]]. There can be no kind of [[bailment]] or [[custody]] arrangement over cash.
+===Whoever holds it holds it outright. No exceptions.===
+Transfer of [[cash]] to another person<ref>This is called “[[payment]]”, not “[[delivery]]”, as those who have had to dally with [[Physical settlement|physical]] and [[cash settlement]] wording will, to their chagrin, know.</ref> with the expectation of its return fundamentally, ''necessarily'', creates '''[[indebtedness]]'''. By transferring cash to someone else in expectation of its return, you convert your own ''holding'' of that abstract token to a claim on the estate of the person to whom you transferred it for [[repayment]] of that [[debt]]. There can be no kind of [[bailment]] or [[custody]] arrangement over cash.
 This isn’t just an English law point. It is not a function of the {{t|CASS}} rules. It is fundamental to the nature of [[cash]] in any place, under any law. It dates back to the Code of Hammurabi. Anything which doesn’t automatically create indebtedness ''is not [[money]]''.