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34 Bank Notes and Legal Tenders. |
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Free Books / Finance / Canadian Banking Practice / | |
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34 Bank Notes and Legal Tenders. |
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This section of the book is from the "Canadian Banking Practice" book, by .
Question 35.— Is a private individual forced to receive payment of a debt in bank notes, or may he demand legal tenders to any amount?
Answer.—No person can be forced to accept bank notes in payment of a debt. He is entitled to be paid in gold coin or Dominion notes which, as their common name implies, are a "legal tender." The option of paving in gold or legal tender notes rests with the debtor. The creditor is bound to accept American gold ($5 pieces and upwards) at its face value, or British gold at $4.86 2/3 to the sovereign, (in both cases good tenderable coin being understood) or legal tender notes.
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