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Richard
Richard, Attorney
Category: Legal
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Experience:  Attorney with 29 years of experience.
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I have a promissory note that states .....all payments of

Customer Question

I have a promissory note that states .....all payments of principal and interest on this note shall be paid in the legal currency of the united states. The borrower waives presentment for payment, protest , and notice of protest and demand of this note
this note is also backed by a mortgage to a property
1. is a cashiers check legal currency or the united states?
2. by this note being backed by a mortgage....does the property become mine if he defaults or what does the mortgage do.....
Submitted: 9 months ago.
Category: Legal
Expert:  Richard replied 9 months ago.

Good evening. My name is ***** ***** I look forward to helping you. 1) Yes, as long as it's payable in U.S. Dollars. A cashier's check payable in, for example, pesos would not be U.S. legal currency. 2) That means that there is a lien on real property that secures the note. If the note goes into default, the lien gives you the right to foreclose on the property to collect what is due you.

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Customer: replied 9 months ago.
I don't understand how a cashier's check which will be placed on hold for 3 to 5 days and can possibly have a stop payment put on it.
can be considered legal United States currency ....wouldn't that mean dollars and cents... Cash or coin
Expert:  Richard replied 9 months ago.

Thanks for following up. I do understand your frustration, but legally, this type provision is not construed to mean that someone actually has to pay in actual cash. Typically what you would put into a note to prevent a payment that would have a delay in cashing would be to add the phrase "in readily available funds."

Customer: replied 9 months ago.
okay I'm not sure I like the answer but you're saying I have no right to demand cash?and to clarify a little bit more when I look up the meaning of currency
it reads currency is a generally accepted form of money including coins and paper notes which is used by a government and circulated within an economy used as a medium of exchange for goods and services currency is the basis for trade... So I can't figure out how a cashier's check could be currency... I can use a dollar bill to buy an Apple but I have to get a cashier's check cashed and it's changed into currency before I can use it
I could understand why someone would accept a cashier's check but my question is if you don't want to accept it
But is it actually
A legal currency of the United states
And could you give me a legal reference?
Customer: replied 9 months ago.
Expert:  Richard replied 9 months ago.

Thanks for following up. I'm sorry for the delayed response....went to bed. Typically, if the note was to be paid in actual money the note would state specifically "payable in cash." It's outside the scope of this forum to research this issue to come up with the specific citations; but I've been doing this for 36 years and know how these notes are interpreted legally. You can ask for cash and possibly the borrower will agree to pay you cash, but it's not likely a court is going to force the issue or call the borrower in default for not paying in actual cash. Depending upon the amount to be paid, paying in cash can create all sorts of security issues such that a court is simply not going to require a borrower to go to a bank and get large amounts of cash.

This is the part of my job I don't like...when the law is not in favor of my customer. But, I can only provide you information based on the law and my experience so that you can act on the best available information to you. ………..I wish I had better news, but can only hope you recognize and understand my predicament and don't shoot the messenger. I'm sorry!

Customer: replied 9 months ago.
what is the definition of currency?
Customer: replied 9 months ago.
from what I'm reading in your answer you're saying that a cashier's check is within the definition of currency???
Expert:  Richard replied 9 months ago.

Currency is legally defined as:

n. pl. cur·ren·cies

1. Money in any form when in actual use as a medium of exchange,especially circulating paper money.

2. Transmission from person to person as a medium of exchange;

Yes, a cashier's check would be within this definition.

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