Macmillan Holdings, LLC. Legal Lad, Legal Lad's, QDnow, and Quick and Dirty Tips are all trademarks of Macmillan Holdings, LLC. Today’s topic is a merchant’s obligation to accept cash payments. Pozac legal Looks to me that Apple is not charging a fair price for thei phone since what they are really selling is the service...this can be done by other servers as it was the first time...now they hold you at ransom by NOT selling you the phone for the actual cash value! http://legallad.quickanddirtytips.com/legal-currency-limitation.aspx?commentid=16331#Comments http://legallad.quickanddirtytips.com/legal-currency-limitation.aspx?commentid=16331#Comments Thu, 02 Apr 2009 04:51:38 GMT Andy legal The Office of the Comptroller of the Currency (OCC), the Board of Governors of the Federal Reserve System (FRB), the Federal Deposit Insurance Corporation (FDIC), and the Office of Thrift Supervision (OTS) (collectively, the agencies) are jointly issuing this statement to address some of the inherent risks of high loan-to-value (LTV) residential real estate lending. This statement clarifies that the real estate lending standards jointly adopted by the agencies in 1992 apply to these transactions.1 This statement also outlines other controls the agencies expect institutions to have in place when engaged in this type of lending. ------------------------------------------- Andy, real estate http://legallad.quickanddirtytips.com/legal-currency-limitation.aspx?commentid=15773#Comments http://legallad.quickanddirtytips.com/legal-currency-limitation.aspx?commentid=15773#Comments Tue, 17 Feb 2009 19:59:37 GMT R.J Connors legal So Michael, Are you saying that even though the law, The Legal Tender Statute, 31 U.S.C 5103, says that currency is legal tender for all debts, today it is basically meaningless. Combine that with the ACH laws and the government and the corporations can pretty much dictate your financial position in society. Yes, they do have a name for that type of arrangement but I can't seem to recall it right now. http://legallad.quickanddirtytips.com/legal-currency-limitation.aspx?commentid=13167#Comments http://legallad.quickanddirtytips.com/legal-currency-limitation.aspx?commentid=13167#Comments Tue, 22 Jul 2008 02:55:49 GMT Ruby legal In the instance of non profit organizations that has two factions-may the governing body choose to refuse legal tender from one group and it be permissable to use for the other? http://legallad.quickanddirtytips.com/legal-currency-limitation.aspx?commentid=13117#Comments http://legallad.quickanddirtytips.com/legal-currency-limitation.aspx?commentid=13117#Comments Sun, 13 Jul 2008 16:43:10 GMT james legal I recently went to Parking Services at University of South Florida to pay a parking ticket. When I got there they would not accept cash or a check and would only accept 2 credit cards which I do not carry. However, they said I could mail a check. When I asked where the check would go the supervisor said it would come to the building, which I was currently standing in with my check in hand. Anyway my question is: Can they refuse cash for a debt that was imposed on me by them? http://legallad.quickanddirtytips.com/legal-currency-limitation.aspx?commentid=10391#Comments http://legallad.quickanddirtytips.com/legal-currency-limitation.aspx?commentid=10391#Comments Tue, 27 Nov 2007 00:05:57 GMT Pat legal As I recall, the contract that is placed on and remains on our currency today is so that our dollar would be stable. That is, so merchants could not require payment in gold, peso, chickens, etc. for their product and services, but to provide value and stability to the American monetary system by making it and requiring it to be legally accepted tender in America. The actions of these judges arguably either made a mockery of that goal with their case law decisions or state that context must be applied to law. I personally do not like either because there is no reason to expect that a law is perfect and timeless, so the earlier supposition is foolish. However, the slippery slope arguement in the latter is all too applicable and Apple is a case in point. It is not reasonable to deny cash purchases for the reason of tracking customer information. However, this problem, I believe touches on the issue why the legal system fails and lawyers have a not so good reputation, largely being viewed as a needed evil. Laws need to be cancelled and re-written if they need to be modified to be kept reasonable and timely. The system we have right now allows a minority of politically appointed judges to, especially in some cases, modify existing law. I realize that it always tends to be the few who rule, but instead of having our country go the direction it has been, we should be trying to make it 'a more perfect union' of states, not less perfect. Since we are a nation that is supposed to depend on good laws and not good people. Lawyers must lead the way - maybe that is why 'In God We Trust' is on the dollar, if we wrote the truth 'In Lawyers We Trust' all the founding fathers would be hanged. http://legallad.quickanddirtytips.com/legal-currency-limitation.aspx?commentid=9973#Comments http://legallad.quickanddirtytips.com/legal-currency-limitation.aspx?commentid=9973#Comments Sun, 11 Nov 2007 17:28:53 GMT allinthewording legal The key here turns on notice of the policy. If you have notice of the company's (Apple, restaurant, apartment complex, whomever) policy to not accept cash in payment of a debt when the "debt is not yet incurred" then your subsequent choice to incur the debt by purchasing the product or service is a tacit agreement to pay in accordance with the policy. Examples of small businesses choosing to adopt such policies for convenience and security reasons are becoming more common and will become more so (e.g. "Snap", a cafe in Washington D.C. that created a stir by refusing to accept cash even though many of their transactions are quite small). http://legallad.quickanddirtytips.com/legal-currency-limitation.aspx?commentid=9935#Comments http://legallad.quickanddirtytips.com/legal-currency-limitation.aspx?commentid=9935#Comments Wed, 07 Nov 2007 22:24:29 GMT ScrewAT&T legal Who cares? Only douchebags and tools want an iphone. http://legallad.quickanddirtytips.com/legal-currency-limitation.aspx?commentid=9934#Comments http://legallad.quickanddirtytips.com/legal-currency-limitation.aspx?commentid=9934#Comments Wed, 07 Nov 2007 22:00:27 GMT Joshua legal The first comment is exactly what I came here to say. Isn't a purchase not the same as a debt? http://legallad.quickanddirtytips.com/legal-currency-limitation.aspx?commentid=9930#Comments http://legallad.quickanddirtytips.com/legal-currency-limitation.aspx?commentid=9930#Comments Wed, 07 Nov 2007 17:26:54 GMT The Horrid Of legal I did not think that a retail store purchase was considered payment of a debt. Because of this, wouldn't the Legal Tender Statute not apply? I thought that transactions like paying a restaurant bill were considered settling a debt, but that paying for an item immediately was not considered settling a debt. http://legallad.quickanddirtytips.com/legal-currency-limitation.aspx?commentid=9914#Comments http://legallad.quickanddirtytips.com/legal-currency-limitation.aspx?commentid=9914#Comments Tue, 06 Nov 2007 02:17:04 GMT Thu, 02 Apr 2009 04:51:38 GMT http://legallad.quickanddirtytips.com/legal-currency-limitation.aspx feedback@quickanddirtytips.com (Managing Editor) feedback@quickanddirtytips.com (Webmaster) en-us