Whats the Canadian equivalent?

[walter]

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.

[allodial]

This > thread < might have answers. It appears the demand is a demand for payment in 'public funds'.

[walter]

thanks allodial,
i will check it out.

[David Merrill]

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.

It is at the very end.

I might be able to upload a folder I call Canadian Redemption. Stay tuned...

[walter]

That would be wonderful david.
Whats the section number of that posted page?
Its from the Bank Act right?
Thanks

[walter]

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.

[walter]

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.

[xparte]

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

[allodial]

Under Canadian law:

"...that which is said to be an unconditional promise to pay a sum certain in money is itself money."

(according to a formerly 'secret' Supreme Court of Canada ruling)

Legal tender, lawful money and money are all different terms AFAIK.

[xparte]

Legal tender, lawful money and money are all different terms of [debt]