Originally Posted by
ohiofoiarequest
Not wholly true. See the following.
In re Richard & Marcia MAUK, Debtors.
Allan D. DOBNICKER, Trustee, Plaintiff,
v.
CITY LOAN & SAVINGS CO., et al., Defendants.
Bankruptcy No. 85–0259.Related Case No. 83–01129.
Dec. 17, 1985.
Federal reserve notes have been declared by Congress to be legal tender. See, 31 U.S.C. Section 5103, United States v. Rifen, 577 F.2d 1111 (8th Cir.1978). Since a check is an authorized means by which to transfer an amount of federal reserve notes (the medium of exchange adopted by the United States), see, Ohio Revised Code Sections 1301.01(x), 1303.06, and since the Debtors acknowledged that they were given a check to cover the purchase price of the property, it must be concluded that there was sufficient consideration given in exchange for the mortgages.
Posting Permissions
Reply With Quote