Belle Vernon, PA asked in Banking, Collections and Contracts for Pennsylvania

Q: Is it Legal, and Lawful to use a "Federal Reserve Note" in the place of a "United States Bank Note" and why?

Can any instrument be negotiated by two or more parties to be considered tender to pay off a debt between them, or do they have to follow that law, or code on what has to be used as the legal tender? thank you!

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1 Lawyer Answer
Peter N. Munsing
Peter N. Munsing
  • Wyomissing, PA
  • Licensed in Pennsylvania

A: In a famous example a check was written on the back of a cow.

Basically you just say pay however many dollars it is. Dollars presumes the legal tender known as the dollar. Get all caught up in reserve notes and the like and you are in coin collector land (paper edition).

KISS rule applies to contracts. Plain English is good.

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