Q: Is there required form of legal tender that people can't decline when dealing with debt?
I have a friend whom helped pay for my car. He paid the last 1000 or so.
I brought him cash, he says no cash. I bring him card, says cash only.
This has happened twice each. Is there required form of legal tender that he can't decline.
A: There is no federal statute mandating that a private business, a person, or an organization must accept currency or coins as payment for goods or services. Private businesses are free to develop their own policies on whether to accept cash unless there is a state law that says otherwise. Texas does not require the acceptance of cash for payments. Based on your friend's back and forth regarding payment, there seems to be more to the story. Is there anything in writing between the two of you regarding the payments he made on your behalf? Is he charging interest? I am presuming that your friend does not hold a lien on your car nor that he is registered as the owner or co-owner.
I would suggest a quick consult with a local attorney that can ask you a few questions and suggest an easy solution. They are several ways in which you can protect yourself from future allegations that you failed to make the payments or that you owe a substantial amount in accrued interest.
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