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Posted 01/29/2009 10:31 pm
Cash or legal tender? 
The only 'legal tender' in the U.S. is U.S. coins and currency, which is 'cash'.
What Conder101 is saying is that the businesses that accept 'cash' (which is legal tender coins and currency) can refuse to tender the A.S.E.'s, but in doing so they are refusing to accept a valid form of legal tender payment and as he said: "...since you have made what is in the eyes of the law a legal attempt to settle the debt, they can not sue you for non-payment or add on interest or penalties."
So to be correct, I will add: "...they will have to take your American Silver Eagle, $2 bill, Eisenhower dollar, etc. etc. if they wish to collect payment for their goods or services."
Hey, if a business wants to end up giving me something for free (via an 'uncollectible' debt) just because they don't want to take uncommon forms of legal tender, that would be fine with me!
A business could post a sign stating that they do not take American Silver Eagles ($2 bills, Ikes, etc.), or show the customer a written policy to that effect. Having such a policy in effect before someone offers them in payment proves that a refusal to accept that variation of legal tender is not 'arbitrary'.
This is why my local pizza take-out restaurant posts a sign that they do not take $100 bills. The business should state in advance that they do not accept the specific variation(s) of legal tender, to cover themselves.
The only 'legal tender' in the U.S. is U.S. coins and currency, which is 'cash'. What Conder101 is saying is that the businesses that accept 'cash' (which is legal tender coins and currency) can refuse to tender the A.S.E.'s, but in doing so they are refusing to accept a valid form of legal tender payment and as he said: "...since you have made what is in the eyes of the law a legal attempt to settle the debt, they can not sue you for non-payment or add on interest or penalties."
So to be correct, I will add: "...they will have to take your American Silver Eagle, $2 bill, Eisenhower dollar, etc. etc. if they wish to collect payment for their goods or services."
Hey, if a business wants to end up giving me something for free (via an 'uncollectible' debt) just because they don't want to take uncommon forms of legal tender, that would be fine with me!
A business could post a sign stating that they do not take American Silver Eagles ($2 bills, Ikes, etc.), or show the customer a written policy to that effect. Having such a policy in effect before someone offers them in payment proves that a refusal to accept that variation of legal tender is not 'arbitrary'.
This is why my local pizza take-out restaurant posts a sign that they do not take $100 bills. The business should state in advance that they do not accept the specific variation(s) of legal tender, to cover themselves.
Edited by DNA
01/29/2009 10:40 pm
01/29/2009 10:40 pm
