bank notes as good tender
Defined in 1 dictionary — Case Law
Definitions from Case Law
From 74 U.S. 447 - Ward v. Smith · 1868Most cited · 83 citing opinions
The doctrine that bank bills are a good tender, unless objected to at the time, on the ground that they are not money, only applies to current bills, which are redeemed at the counter of the bank on presentation, and pass at par value in business transactions at the place where offered. Notes not thus current at their par value, nor redeemable on presentation, are not a good tender to principal or agent, whether they are objected to at the time or not.