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$25,000 Negotiable Instrument Details

This document is a $25,000 promissory note payable to the bearer, issued by Patricia-Marie Bartunek in 2016. The note cites a U.S. code that previously allowed repayment of debt to be required in a particular kind of coin or currency but no longer requires repayment in legal tender. Since 1977, repayment only needs to be made in an equivalent negotiable instrument representing the same amount of credit as was loaned.

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Patricia Bartunek
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343 views1 page

$25,000 Negotiable Instrument Details

This document is a $25,000 promissory note payable to the bearer, issued by Patricia-Marie Bartunek in 2016. The note cites a U.S. code that previously allowed repayment of debt to be required in a particular kind of coin or currency but no longer requires repayment in legal tender. Since 1977, repayment only needs to be made in an equivalent negotiable instrument representing the same amount of credit as was loaned.

Uploaded by

Patricia Bartunek
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOC, PDF, TXT or read online on Scribd
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$25,000

$25,000

Payable to the bearer the sum of


TWENTY FIVE THOUSAND US DOLLARS ONLY
By: Patricia- Marie of the family: Bartunek 1963
__________________________
Authorized Representative for PATRICIA M BARTUNEK
2016

28th November

1. 31 U. S. C. sec. 5118 (d) (2) provided for many years that a requirement of repayment of
debt in a particular kind coin or currency could be made by legal tender. As of October
21, 1977 legal tender for discharge of debt is no longer required. That is because legal
tender is not in circulation at par with the promises to pay credit (negotiable
instruments). Guaranty Trust Co. of New York vs. Henwood, 307, U.S. 847 (1939) holds
that 31 U.S.C. 5118 was enacted to remedy the specific evil of tying debt to any
particular currency or requiring payment in a greater number of dollars than promised.
Since October 27, 1977, there can be no requirement of repayment in legal tender either,
since legal tender was not loaned and repayment need only be made in equivalent kind:
A negotiable instrument representing credit.

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