Stuff of Legend #1 (1st print) NM+

[Lebowski]

So is there more stuff for sale here or not?

[conditionfreak]

Ha Ha. I love it when I get others to do my research for me.

 

It is sort of like being a Congressman and having a staff.

 

Great job guys.

 

Ha Ha Ha Ha

[mschmidt]

What research? You mean proving you wrong? Always happy to oblige.

[conditionfreak]

Well. I found my answer and I was wrong. I don't agree with it, but what ya going to do?

 

Here it is in a nutshell:

 

Question:

 

" I thought that United States currency was legal tender for all debts. Some businesses or governmental agencies say that they will only accept checks, money orders or credit cards as payment, and others will only accept currency notes in denominations of $20 or smaller. Isn't this illegal?"

 

Answer:

 

"The pertinent portion of law that applies to your question is the Coinage Act of 1965, specifically Section 31 U.S.C. 5103, entitled "Legal tender," which states: "United States coins and currency (including Federal reserve notes and circulating notes of Federal reserve banks and national banks) are legal tender for all debts, public charges, taxes, and dues."

 

This statute means that all United States money as identified above are a valid and legal offer of payment for debts when tendered to a creditor. There is, however, no Federal statute mandating that a private business, a person or an organization must accept currency or coins as for payment for goods and/or services. Private businesses are free to develop their own policies on whether or not to accept cash unless there is a State law which says otherwise. For example, a bus line may prohibit payment of fares in pennies or dollar bills. In addition, movie theaters, convenience stores and gas stations may refuse to accept large denomination currency (usually notes above $20) as a matter of policy."

 

Further research however, revealed that there are exceptions. For instance, if you eat in a restaurant and are served and eat your food prior to giving payment, the restaurant is obligated to accept whatever form of legal tender you desire to pay with. Pennies or 10,000 dollar bills. If they don't or can't, then they have to "eat" (pun intended) their loss for said meal. Additionally, I don't know about the rest of the country, but here the bus companies are county owned and operated, in conjunction with private entities. It is a weird mix of government and private business type deal (sort of like GM and Chrysler are now). So, that is a factor that would have to be considered, as government is obligated to accept legal tender. This would also apply to parking meters as they are usually government run and owned.

 

Still some unanswered questions to be looked into and resolved. But don't worry. Ron Paul and I are on the case.

 

Now, don't run out and take advantage of this by trying to eat free by carrying around nothing but $10,000 dollar bills. It just wouldn't be right.

 

 

 

P.S. I hate when I am wrong. Don't you?

 

[conditionfreak]

Oh. I meant to say, not to worry because Ron Paul and I, and our staffs, are on the job.