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  • Negotiable Inst Representing Credit

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    trustkonan
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    A judge said a joint house resolution had no force of law, but the plaintiff countered by citing volume 48 chapter 48 of the federal statutes at large and section 5118 of title 31, which ruled that requiring repayment of debt in a specific currency was allowed for many years. However, as of October 21, 1977, legal tender is no longer required to discharge debt since it is no longer in circulation at par with credit. A 1939 Supreme Court ruling also found that section 5118 was meant to prevent tying debt to a particular currency or requiring payment in more dollars than promised.

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    A judge said a joint house resolution had no force of law, but the plaintiff countered by citing volume 48 chapter 48 of the federal statutes at large and section 5118 of title 31, which ruled that requiring repayment of debt in a specific currency was allowed for many years. However, as of October 21, 1977, legal tender is no longer required to discharge debt since it is no longer in circulation at par with credit. A 1939 Supreme Court ruling also found that section 5118 was meant to prevent tying debt to a particular currency or requiring payment in more dollars than promised.

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    168 views1 page

    Negotiable Inst Representing Credit

    Uploaded by

    trustkonan
    A judge said a joint house resolution had no force of law, but the plaintiff countered by citing volume 48 chapter 48 of the federal statutes at large and section 5118 of title 31, which ruled that requiring repayment of debt in a specific currency was allowed for many years. However, as of October 21, 1977, legal tender is no longer required to discharge debt since it is no longer in circulation at par with credit. A 1939 Supreme Court ruling also found that section 5118 was meant to prevent tying debt to a particular currency or requiring payment in more dollars than promised.

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    © All Rights Reserved
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    A judge told me in open court that hjr-192 had no force of law it was just a joint house

    resolution in other words internal congressional policy. He was correct but I countered
    with what about volume 48 chapter 48 stat 112 of the federal statues at large and 31 USC
    5118 (2) d and handed the plaintiff a copy of this 2nd court of appeals ruling.

    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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