LOS ANGELES (MarketWatch) — California’s State Treasurer’s Office has laid down ground rules for redeeming promissary notes, or IOUs, sold to third parties through Ebay, Craigslist or other means, demanding supporting documents for such sales, STO spokesman Tom Dresslar said Monday. Under the policy, the state won’t redeem such IOUs without a notarized bill of sale signed by the payee whose name appears on the IOU, he said, adding that California is asking Ebay Inc. /quotes/comstock/15*!ebay (EBAY 16.17, -0.27, -1.63%) and Craigslist to post a notice of the policy on their sites. California is issuing the IOUs, known officially as “state-registered warrants” as a budget impasse has frozen available cash for the state government.
