Obligatory caution that that can backfire if the recipient insists that the debtor counts the pennies. Or if the creditor refuses the pennies entirely, which is legal in some jurisdictions. (e.g. in the UK, pennies and 2p coins are legal tender up to amounts of only 20 pence. Anything beyond that is left to the discretion of the recipient.)
There is no federal statute requiring private lendors to accept payment in the form of coins. The coins are legal tender but they dont have to be accepted.
The discussion is about fines. I’m not sure why you’re talking about lenders.
Also, Title 31 (Money and Finance), Subtitle IV (Money), Chapter 51 (Coins and Currency), Subchapter I (Monetary System), Section 5103 (Legal Tender) of the United States Code 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. Foreign gold or silver coins are not legal tender for debts.
So yes, there is a federal statue requiring private lenders accept coins as payment.
I don’t think that says what you think it does. Just because they are legal tender does not inherently mean (nor does that snippet say) that they cannot be denied as a form of payment.
Yes it does. It’s a legal form of payment, and if a lender denies it, you can sue to have the entire debt discharged because the lender is refusing legal tender.
If you’re a debt holder, you’re required by federal law to accept any form of legal tender as payment, which includes coins.
You really should read down to the bottom of that article, where it says that businesses are allowed to set the terms of what forms of payment they’ll accept as long as they do so before the deal is made or the sale is done. Your own source contradicts what you said.
Don’t quit your day job to start giving people legal advice.
I know there’s been a few cases of people paying fines with wheelbarrows full of loose pennies.
Obligatory caution that that can backfire if the recipient insists that the debtor counts the pennies. Or if the creditor refuses the pennies entirely, which is legal in some jurisdictions. (e.g. in the UK, pennies and 2p coins are legal tender up to amounts of only 20 pence. Anything beyond that is left to the discretion of the recipient.)
In the US, pennies are legal tender and have to be accepted as payment for debts owed. This tactic usually ended up in the fine being dismissed.
There is no federal statute requiring private lendors to accept payment in the form of coins. The coins are legal tender but they dont have to be accepted.
The discussion is about fines. I’m not sure why you’re talking about lenders.
Also, Title 31 (Money and Finance), Subtitle IV (Money), Chapter 51 (Coins and Currency), Subchapter I (Monetary System), Section 5103 (Legal Tender) of the United States Code states:
So yes, there is a federal statue requiring private lenders accept coins as payment.
I don’t think that says what you think it does. Just because they are legal tender does not inherently mean (nor does that snippet say) that they cannot be denied as a form of payment.
Yes it does. It’s a legal form of payment, and if a lender denies it, you can sue to have the entire debt discharged because the lender is refusing legal tender.
If you’re a debt holder, you’re required by federal law to accept any form of legal tender as payment, which includes coins.
Here’s the full article I got the statute from.
You really should read down to the bottom of that article, where it says that businesses are allowed to set the terms of what forms of payment they’ll accept as long as they do so before the deal is made or the sale is done. Your own source contradicts what you said.
Don’t quit your day job to start giving people legal advice.
Did you not read anything I said? You don’t have a debt before the deal is made or the sale is done.
The article does not say that the debt holder can specify the form of payment to exclude legal tender before the debt is incurred.