Why am i getting "removed tx from pool: low tx nonce or out of funds"?

Question

The account I am using to submit the transaction has 10490 ETH (1.0585e+22 Wei). The transaction cost is 20477 Gas, and gas price is 300000000000.

Here is the output from Geth:

I0330 22:28:05.762119 8235 transaction_pool.go:491] removed tx (
  TX(c2c8b07508b51fcd1828e312dc1ebf219c579f9bb4776ebbf462cd8b7f61e85c)
  Contract: false
  From: fa7b2db995e286e882cb4ded7b413ce4f3aa4775
  To: 1ca2b90df6bc95a0dc988b771f81a105d6b59bb5
  Nonce: 7
  GasPrice: 300000000000
  GasLimit 90000
  Value: 0
  Data: 0x1522eba7000000000000000000000000fa7b2db995e286e882cb4ded7b413ce4f3aa477500000000000000000000000000000000000000000000000000000000000000df
  V: 0x1b
  R: 0xbb2a8f533b0b729a1149aa4d30a10f72fe528050dfb22c57b43b5e20fdad0f70
  S: 0x185c5676078b14ca332a10f696c5e93a98d56ec0da10870f90216d459cf9bae8
  Hex: f8aa078545d964b80083015f90941ca2b90df6bc95a0dc988b771f81a105d6b59bb580b8441522eba7000000000000000000000000fa7b2db995e286e882cb4ded7b413ce4f3aa477500000000000000000000000000000000000000000000000000000000000000df1ba0bb2a8f533b0b729a1149aa4d30a10f72fe528050dfb22c57b43b5e20fdad0f70a0185c5676078b14ca332a10f696c5e93a98d56ec0da10870f90216d459cf9bae8
) from pool: low tx nonce or out of funds

Answer 1

The bit of source code that generates this error comes from https://github.com/ethereum/go-ethereum/blob/4044a8cea44cd4cee3a8ddaf51a76b71c9d22042/core/tx_pool.go#L489-L502 and is called within the function tx_pool.go:validate_pool(...) .

...
if past := state.GetNonce(sender) > tx.Nonce(); past || balance.Cmp(tx.Cost()) < 0 {
    // Remove an already past it invalidated transaction
    if glog.V(logger.Core) {
        glog.Infof("removed tx (%v) from pool: low tx nonce or out of funds\n", tx)
    }
    delete(pool.pending, hash)
    ...

As you stated you have sufficient balance in your account, the transaction must have been rejected due to the checking of the transaction nonce. In your posted data, your transaction nonce is 7. There must already have been previous transactions from the same account where the nonce of 7 or above have already been used.