New store in Texas (near Dallas) won't accept FRN
It is a federal crime to refuse FRNs.
"The easy confidence with which I know another man's religion is folly teaches me to suspect that my own is also." ~ Mark Twain.Originally Posted by reduen
I saw that the State was half-witted, that it was timid as a lone woman with her silver spoons, and that it did not know its friends from its foes, and I lost all remaining respect for it, and pitied it."
--Henry David Thoreau
well you can bring in FRN and put them in a vending machine thing to convert to silver
does that count?
If someone walks into a store, and hands you a FRN to settle a debt or purchase... and you refuse. You've committed a crime.
You can pay with silver. you can accept silver. but you cannot deny FRNs without becoming a criminal.
"The easy confidence with which I know another man's religion is folly teaches me to suspect that my own is also." ~ Mark Twain.I saw that the State was half-witted, that it was timid as a lone woman with her silver spoons, and that it did not know its friends from its foes, and I lost all remaining respect for it, and pitied it."
--Henry David Thoreau
It is NOT A CRIME to refuse to accept FRN in order to accept payment for an item. It IS A CRIME to not accept FRN in payment of a legally obligated debt. Get it straight.
if you eat at my diner. you don't pay for your food upfront.
It is a legally binding debt that you pay at the end of your meal.
Get it straight.
"The easy confidence with which I know another man's religion is folly teaches me to suspect that my own is also." ~ Mark Twain.I saw that the State was half-witted, that it was timid as a lone woman with her silver spoons, and that it did not know its friends from its foes, and I lost all remaining respect for it, and pitied it."
--Henry David Thoreau
Per wiki:
"In some jurisdictions legal tender can be refused as payment if no debt exists prior to the time of payment (where the obligation to pay may arise at the same time as the offer of payment)."
That is, if someone incurs a debt, then offers FRN to pay it, the creditor MUST accept FRN under penalty of law. If no debt is incurred, then you don't have to accept FRN.
For example, you come into my store and want to buy a magazine. I say, "2 fish please". I'm not legally obligated to accept FRN as no debt has been incurred, and you leave without your magazine if you don't have 2 fish to pay for it.
However, if I write a loan to you payable in fish (or offer you the short term credit of a meal in the case of a diner), and you offer the FRN value of the fish to discharge the debt, then I must legally accept. This is the very essence of legal tender law.
You pay after you eat at McDonalds? There is no law against requiring payment first.
all purchases are contracts.
did you know that?
"The easy confidence with which I know another man's religion is folly teaches me to suspect that my own is also." ~ Mark Twain.I saw that the State was half-witted, that it was timid as a lone woman with her silver spoons, and that it did not know its friends from its foes, and I lost all remaining respect for it, and pitied it."
--Henry David Thoreau
If you are supposed to pay before the service, then there isn't a contract till the payment is made.
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