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Has the US ever "demonetized" any currency or coinage?
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<p>[QUOTE="medoraman, post: 4852441, member: 26302"]Courts have ruled at times the debtor was being petty and capricious by trying to pay in cents. However, the principal holds. If you show up to the creditor, and try to settle in "normal" legal tender and they refuse, a court can say the debt is no longer valid. </p><p><br /></p><p>I remember a case where a coal company refused USD that someone tried to pay off their debt with. The coal company said the debt could only be paid back with script, which could only be earned by working for them. The debt was declared invalid, and the coal company was not even allowed to collect it again, the court ruling they gave up their ability to collect when they refused the legal tender presented to them.</p><p><br /></p><p>One caveat. I remember a friend in business law trying this and thinking he was now free of a store credit card debt because they wouldn't accept money at the store. Well, the store is not the one you are in debt to, it is a financial firm that actually issues the debt. The store did not have a legal obligation to accept payment for another firm's debt. My friend got the message after he was sued.[/QUOTE]</p><p><br /></p>
[QUOTE="medoraman, post: 4852441, member: 26302"]Courts have ruled at times the debtor was being petty and capricious by trying to pay in cents. However, the principal holds. If you show up to the creditor, and try to settle in "normal" legal tender and they refuse, a court can say the debt is no longer valid. I remember a case where a coal company refused USD that someone tried to pay off their debt with. The coal company said the debt could only be paid back with script, which could only be earned by working for them. The debt was declared invalid, and the coal company was not even allowed to collect it again, the court ruling they gave up their ability to collect when they refused the legal tender presented to them. One caveat. I remember a friend in business law trying this and thinking he was now free of a store credit card debt because they wouldn't accept money at the store. Well, the store is not the one you are in debt to, it is a financial firm that actually issues the debt. The store did not have a legal obligation to accept payment for another firm's debt. My friend got the message after he was sued.[/QUOTE]
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Has the US ever "demonetized" any currency or coinage?
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