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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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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."
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!
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.