negotiable Instruments are...

[Jerseee]

How about making your own car?

[iamfreeru2]

Jerseee,



I like that suggestion! I wish I had the ability to do so. 'Course don't know what I would call it if I could make one.



iamfreeru2

[Bird]

The term "discharge" is a generic term and can encompass "payment".



Discharge is the cancellation or unloosing of a contract's obligation. Payment can satisfy this requisite, but is not necessary.



Discharge ALSO encompasses the act of extinguishing the binding force of a contract, irrespective of whether the contract is carried out to the full extent contemplated (in which case the discharge is the result of performance/payment) or is broken off before complete execution. This information is contained in Black's 4th.



So it appears discharge may be reached via many ways. One is via performance/payment, but the above definition exposes there must be other means of discharge as well.



Another example of a discharge of a contract is the substitution of one contract for a new one. This act creates a discharge of the prior obligation without payment/performance. In addition, Public Policy may enable one to enjoy a discharge by extinguishing the binding force of a contract without payment.



In the above paragraphs, the word "payment" means the fulfilment of a promise, or the performance of an agreement.

[iamfreeru2]

Bird,



Thank you for your reply. I agree with your annalysis. You are correct in that there are many ways to discharge. I was simply making a point that one way of doing that is to pay=discharge. FRNs do neither in the public, as they are not capable.



[quote]

FRNs are not capable of extinguishing debt.



iamfreeru2

[iamfreeru2]

Bird,



Thank you for your annalysis and I am in agreement. There are a number of ways to discharge a debt. One of these being pay=discharge.



iamfreeru2

[Ice]

iamfreeru2,



If you use more than $20.00 in your purchase of an auto the state cannot claim it and cannot take it from you for not having it registered.



By doing so, you are the only entity with any "substance" invested in the property.



That was my point.



Ice

[logos]

Originally Posted by iamfreeru2

Bird,



Thank you for your annalysis and I am in agreement. There are a number of ways to discharge a debt. One of these being pay=discharge.



iamfreeru2

iamfreeru2:

What Bird has said is some of what I've been saying all along in our discussion of pay/discharge. So I take it you do agree the terms aren't necessarily the same. As for debt instruments discharging obligations: they--and anything under the sun, for that matter--can for reasons besides those stated by Bird. While anything other than lawful money or that which must be tendered per a contract's terms has no inherent power to discharge, per Bouvier's the parties merely have to agree (pretend) that payment has been made for said items to discharge, hence the "declaration that payment has been made" and "accord & satisfaction". With FRN's (and probably pounds, lira, marks, etc.) the "accord and satisfaction" (pretending debts are payed, contracts satisfied) is compelled via legal tender laws without which such instruments would not be used and commerce would grind to a near standstill. I think we've both been right about this and the subject of pay/discharge.

[seeker]

And so, it is ALL Contract!

Seeker

[weishaupt1776]

After listening to Jack & Jean about bonds, as well as reading the first post on UCC 1-304(b); there is no doubt that a traffic ticket is a negotiable instrument

[jaylon]

This thread is probably the best one I have read, it is great to be able to see the knowledge, experience, and expertise displayed by you guys. Thank you . .