Returned BOE

[dreloc]

What UCC states that with a returned BOE...The debt is discharged..

[Extramural]

You may want to look at UCC 3-603(b)

3-603. Tender of payment.
(b) If tender of payment of an obligation to pay an instrument is made to a person entitled to enforce the instrument and the tender is refused, there is discharge, to the extent of the amount of the tender, of the obligation of an indorser or accommodation party having a right of recourse with respect to the obligation to which the tender relates.

[dreloc]

Thanks...For the Code...

[Shoonra]

First, a Bill of Exchange is NOT a tender of payment. It's an attempt to substitute one form of debt with another.

UCC 3-603(b) specifies that a tender of payment releases an indorser - that is, a co-signer or underwriter of the debt - of his liability. UCC 3-603(c) says that the refusal of a tender of payment relieves the the debtor for the accumulation of interest beyond the debt's due date -- but he still owes the amount that was due on that date, the original debt does not disappear.

The creditor has the right to refuse payment in any form other than legal tender; UCC 2-511(2). If the creditor accepts something other than legal tender, that acceptance is only conditional, depending on the form accepted being paid off in legal tender; UCC 2-511(3).

[robhalford88]

Originally Posted by Shoonra

First, a Bill of Exchange is NOT a tender of payment. It's an attempt to substitute one form of debt with another.

UCC 3-603(b) specifies that a tender of payment releases an indorser - that is, a co-signer or underwriter of the debt - of his liability. UCC 3-603(c) says that the refusal of a tender of payment relieves the the debtor for the accumulation of interest beyond the debt's due date -- but he still owes the amount that was due on that date, the original debt does not disappear.

The creditor has the right to refuse payment in any form other than legal tender; UCC 2-511(2). If the creditor accepts something other than legal tender, that acceptance is only conditional, depending on the form accepted being paid off in legal tender; UCC 2-511(3).

Don't be a nugget all your life. In contract law, as you well know, if payment of the whole debt is refused, then the debt is void.
It appears that the BOE wasn't even sent to be honoured, let alone any other consideration.

[Extramural]

Originally Posted by Shoonra

First, a Bill of Exchange is NOT a tender of payment. It's an attempt to substitute one form of debt with another.

UCC 3-603(b) specifies that a tender of payment releases an indorser - that is, a co-signer or underwriter of the debt - of his liability. UCC 3-603(c) says that the refusal of a tender of payment relieves the the debtor for the accumulation of interest beyond the debt's due date -- but he still owes the amount that was due on that date, the original debt does not disappear.

The creditor has the right to refuse payment in any form other than legal tender; UCC 2-511(2). If the creditor accepts something other than legal tender, that acceptance is only conditional, depending on the form accepted being paid off in legal tender; UCC 2-511(3).

OK, so you have an opinion that differs from what the code says.

I posted 3-603(b), and it simply does not say what you have opined. It actually says the opposite of the argument you have presented.

§ 25-2-511. Tender of payment by buyer; payment by check.
(1) Unless otherwise agreed tender of payment is a condition to the seller's duty to tender and complete any delivery.
(2) Tender of payment is sufficient when made by any means or in any manner current in the ordinary course of business unless the seller demands payment in legal tender and gives any extension of time reasonably necessary to procure it.
(3) Subject to the provisions of this chapter on the effect of an instrument on an obligation (G.S. 25-3-310), payment by check is conditional and is defeated as between the parties by dishonor of the check on due presentment.

Shoonra most people don't even KNOW what legal tender is, let alone how to demand it.

But, I know why you excel at delivering B.S.

[robhalford88]

Originally Posted by Extramural

OK, so you have an opinion that differs from what the code says.

I posted 3-603(b), and it simply does not say what you have opined. It actually says the opposite of the argument you have presented.

§ 25-2-511. Tender of payment by buyer; payment by check.
(1) Unless otherwise agreed tender of payment is a condition to the seller's duty to tender and complete any delivery.
(2) Tender of payment is sufficient when made by any means or in any manner current in the ordinary course of business unless the seller demands payment in legal tender and gives any extension of time reasonably necessary to procure it.
(3) Subject to the provisions of this chapter on the effect of an instrument on an obligation (G.S. 25-3-310), payment by check is conditional and is defeated as between the parties by dishonor of the check on due presentment.

Shoonra most people don't even KNOW what legal tender is, let alone how to demand it.

But, I know why you excel at delivering B.S.

Surprise, surprise, shoonra is spreading disinfo.
I object to this as the newbies don't realise we have a trojan horse inside the gates.

[weishaupt1776]

Originally Posted by robhalford88

Surprise, surprise, shoonra is spreading disinfo.
I object to this as the newbies don't realise we have a trojan horse inside the gates.

And that is the fine line we tread here at SJ
We need these "simulation" drills, because any prospective adversary isn't gonna roll over & play dead.
We need to stretch our minds here, and unfortunatelt, some great opposition has been banned here; but such former members were advancing unreasonable ad hominem attacks - which Shoonra does not engage in

Shoonra goes about his method in a reasonable manner (whether deceptive or otherwise), and should be responded to in like manner

[robhalford88]

Originally Posted by weishaupt1776

And that is the fine line we tread here at SJ
We need these "simulation" drills, because any prospective adversary isn't gonna roll over & play dead.
We need to stretch our minds here, and unfortunatelt, some great opposition has been banned here; but such former members were advancing unreasonable ad hominem attacks - which Shoonra does not engage in

Shoonra goes about his method in a reasonable manner (whether deceptive or otherwise), and should be responded to in like manner

True, shoonra doesn't do that, I will give her credit for that.

[Extramural]

I too will give him credit for that.