Whats the Canadian equivalent for the demand in lawful money?
I know David said it is in the Bank Act but that is a very large Act to go through. ( a thousand sections, LOL)
Thanks.
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Whats the Canadian equivalent for the demand in lawful money?
I know David said it is in the Bank Act but that is a very large Act to go through. ( a thousand sections, LOL)
Thanks.
This > thread < might have answers. It appears the demand is a demand for payment in 'public funds'.
thanks allodial,
i will check it out.
It is at the very end.Quote:
Originally Posted by walter
I might be able to upload a folder I call Canadian Redemption. Stay tuned...
That would be wonderful david.
Whats the section number of that posted page?
Its from the Bank Act right?
Thanks
Found this question and answer very helpful.
Canadian Banking Practice | by John T. P. Knight
http://chestofbooks.com/finance/John...l#.ViZkzW6rHkf
Here are a couple question/answers related to the subject.
34 Bank Notes and Legal Tenders.
Question 35.— Is a private individual forced to receive payment of a debt in bank notes, or may he demand legal tenders to any amount?
Answer.—No person can be forced to accept bank notes in payment of a debt. He is entitled to be paid in gold coin or Dominion notes which, as their common name implies, are a "legal tender." The option of paving in gold or legal tender notes rests with the debtor. The creditor is bound to accept American gold ($5 pieces and upwards) at its face value, or British gold at $4.86 2/3 to the sovereign, (in both cases good tenderable coin being understood) or legal tender notes.
38 Canadian Bank Notes and Dominion Notes—How Payable.
Question 39.— Can anyone presenting Canadian bank notes at place of issue demand gold for same up to any amount, and similarly with legal tender notes at the place of issue ?
Answer.—Anyone holding the note of a Canadian bank may demand gold for same at the place of issue. The bank may pay in gold or legal tender at its option, but should the party demand a certain proportion in legal tenders the bank must comply therewith. See sec. 57 of the Bank Act.
The place of issue in most cases means the office of the bank at which the note purports to be issued. The practice of the banks in Canada now is almost altogether to domicile the notes at the head office. A bank is not bound to pay gold for such notes at its branch offices, but it must receive them at par in payment of any debts due it. See sec. 56 of the Act.
As regards legal tender notes, the government is bound to pay their face value in gold on demand at the place at which they are made payable.
39 The Redemption of Canadian Bank Notes.
Question 40.— Canadian bank notes are only payable in gold or legal tender at the place of issue (usually the head office of the bank), whereas, by section 55 of the Bank Act, is it not intended that these shall be so payable at the several points therein?
Answer.—It is the duty of the bank to pay its notes in gold or legal tenders at the place of issue.
As far as section 55 is concerned, it is, of course, clear that a bank must redeem or pay its bills in gold or legal tender notes at its various redemption agencies. There is this distinction, however, to be observed, that if a bank should not have established such agencies, while it would have contravened the, law and become liable to the penalties imposed under the Act, the absence of an agent to whom its notes could be presented for payment, would scarcely constitute dishonour of the notes.
The full answer to another question: What obligation is a bank under with regard to the payment or redemption of its note issues would be as follows:—A bank is bound to take such notes in payment of debts at any of its offices; it is bound, under penalties, to provide redemption agencies at certain points named in the Act, and at such agencies to pay any notes presented in gold or legal tender; and it is bound to pay in gold or legal tenders all notes presented at the place at which they are by their terms made payable. There are other obligations following on failure, etc., which need not be discussed.
To add to the top post.
That book was from 1904 pre-gold theft of 33.
So the option of getting payment in gold has gone.
Canadian bank notes are mentioned separate from legal tender so that must be the redemption equivalent.
Is a promissory note legal tender ?, With a bank preferring to call in a promissory Note are the banks making a legal demand on tender or is a Canadian mortgage ones promissory bank note with a redemption equivalent and its usury fee accepted as ones legal debt.without borrowing bank notes we are forced to drop a fractional down payment 10% our promissory note. This enables the banks 90% demand on your 10% in a default.My ? being the original Bank Note or promissory note called a mortgage is sold as debt immediately forcing the bank note into legal tender.Reducing your Bank Note its redemption equivalent is then tendered as fractional loan and the reserve is what your Signature and its 10% deposit enables debt a bill payable only with debt legally tendered bills your payment please .The hydro bill the mortgage bill are for usage or usury is the bill that cant be satisfied.Christ payed the debt why we accept the bills its render his whats his Caesars legal tender and wisdoms lawful shekels borrowing is not the same as returning a neighbours rake . Loving ones neighbour and ones enemies turns out there the same . The bible all law all property all purpose. On purpose
Under Canadian law:(according to a formerly 'secret' Supreme Court of Canada ruling)Quote:
"...that which is said to be an unconditional promise to pay a sum certain in money is itself money."
Legal tender, lawful money and money are all different terms AFAIK.
Legal tender, lawful money and money are all different terms of [debt]
Debt is rather distinct and different from that which is used to fulfill (discharge) monetary liability. I'm not sure people really get how things might work. Consider the corporate Purchase Order system.Quote:
Originally Posted by xparte
1 - The seller charges or taxes the buyer.
2 - The buyer agrees that the goods or services have value and that the debt is valid (the Purchase Order is evidence of the buyer's sound mind and lack of argumentativeness and also formalizes the indebtedness of the buyer).
3 - Through some means or another the buyer discharges the debt (i.e. fulfills the monetary liability).
Consider the scenario of Q going into the grocery store, grabbing a gallon of milk and walking out of the door without paying for it. He will have disagreed with his adversary as to the milk having any value, he will be arguing/protesting the tax(es). Consider Z writing a bad check at the register for the same, in Mo. the Bad Check and Delinquent Tax Unit are the same.
In certain monetary systems, its important to firm up the debt IN WRITING and especially to get it in writing that the current owner and seller is willing to accept dollars in exchange for conveying the service, goods or the like. That is why corporate/business purchasing systems are so complex they are designed to firm up the entire process. Credit cards companies and their merchant clients do this all for you at the register so you don't get arrested by the time you hit the door.
So many "Christians" seem to think God isn't in charge anymore. But, reviewing the above and that which follows here:
Quote:
Agree with thine adversary quickly, whiles thou art in the way with him; lest at any time the adversary deliver thee to the judge, and the judge deliver thee to the officer, and thou be cast into prison. Matthew 5:25 KJV
Hint: cops are types of magistrates. Here's your retail confessional complete with a cleric--I mean uhh...clerk.Quote:
But if we confess our sins to him, he is faithful and just to forgive us our sins and to cleanse us from all wickedness.
1 John 1:9
Attachment 3100
While an Ox is working, why obstruct if from enjoying itself? Likewise, if a man makes something or provides a service, obstruct not payment.Quote:
..."An ox treading out thou shalt not muzzle,' and `Worthy [is] the workman of his reward." Timothy 5:18 (YLT)
****
As for the public debt, that seems to represent unbonded or undischarged monetary liability. The U.S. federal deficit results, for example, when the U.S. government spends more than what is bonded for by Congress.
Attachment 3101
Source: August 2015 - Monthly Treasury Statement (Bureau of the Fiscal Service, U.S. Department of the Treasury)
Attachment 3102
Source: August 2015 - Monthly Treasury Statement (Bureau of the Fiscal Service, U.S. Department of the Treasury)
Notice the difference between the amounts received and the total expenditures for the month = the month's deficit (i.e. there is no matching discharge or countercharge for it).
Bad credit is the banks liability once you go out that door with who,s debt and who,s loss now milk is production and labour u are stealing someone's worth but if grocer gives you credit and enjoying milk is your thing u will avoid losing credit.
Unlike you or me the bank is not manufacturing anything of actual substance. If the guy that makes lollipops wants to acquire my services for $500 and I let him off the hook with scrip, you see he has to let me off the hook too if I pay with scrip. Otherwise its inequitable. The bank are just 'middlemen'. To many people think its about "them" when might moreso be about "us". Now when the middlemen are stealing from "us", that is the problem not our merciful/equitable system. Even when gold and silver coins were in circulation, you had guys shaving off the edges to make piles of silver or coin dust or shavings that they could press bullion out of or the like. That is why coins are made with ridges--so you can tell how much and if its been shaven.Quote:
Originally Posted by xparte
Attachment 3103
The only thing a bank a bank truly stands to lose once you walk away from the mortgage table is the repayment or profits--not so much the principal or the house if its under a deed of trust. If they borrow against what they expect from you and you don't pay or cannot pay--then you see where they might fail. Last I checked, banks don't make houses either. Nonetheless, there are plenty of small town bankers that are sincere and honest. Distinction: Parasites/fleas vs. dog or cow.
https://www.youtube.com/watch?v=SY94qvnJDdQ
Good point shaving is how it all got started weights and measures fractional shavings off 10 coins made 11 a full deposit is then fractioned 9 times shy-larked and locked A Venetian art form hardly Christ mentioned it long before Shakespeare's Shylock
The traveller sees what he sees, the tourist sees what he has come to see.the direction and its distance drawing closer Art, like morality, consists in drawing the line somewhere. I enjoy frontline thnx
The bitcoin vulnerability centers around the same kind of thing: shaving...the middlemen stealing from those who produce value. And its probably by design. "Miners" ~= central banks.
Related:
Bitcoin Vulnerability Could Allow Malicious Miners to Seize Control
6. Canadian Dollar (CAD)
Central Bank: Bank of Canada (BoC)
Current Interest Rate: http://www.bankofcanada.ca/en/rates/interest-look.html
The Loonie
Established by the Bank of Canada Act of 1934, the Bank of Canada serves as the central bank called upon to "focus on the goals of low and stable inflation, a safe and secure currency, financial stability and the efficient management of government funds and public debt." Acting independently, Canada's central bank draws similarities with the Swiss National Bank because it is sometimes treated as a corporation, with the Ministry of Finance directly holding shares. Despite the proximity of the government's interests, it is the responsibility of the governor to promote price stability at an arm's length from the current administration, while simultaneously considering the government's concerns. With an inflationary benchmark of 2-3%, the BoC has tended to remain a shade more hawkish rather than accommodative when it comes to any deviations in prices.
Keeping in touch with major currencies, the Canadian dollar (CAD) tends to trade in similar daily ranges of 30-40 pips. Many currency prices and commodities move together, and one unique aspect about the CAD is its relationship with crude oil. The country remains a major exporter of the commodity, and as a result, plenty of traders and investors use this currency as either a hedge against current commodity positions or pure speculation, tracing signals from the oil market.
Read more: Top 8 Most Tradable Currencies http://www.investopedia.com/articles...#ixzz3pnzx8jKh
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