Acceptance for value

I would very much like to hear someone's definition and/or explanation of the phrase "accepted for value" and how it works.



Thank you.

In banking, acceptance means to Honor or to take responsibility to Pay. For Value is the value the claim being presented by the presentor to the drawee i.e. the STRAWMAN account holder. The secured party or flesh and blood man can do four things upon presentment:



ACCEPT-HONOR-PAY



CONDITIONALLY ACCEPT



REFUSE FOR CAUSE-REJECT-(become a "Defendant")



IGNORE THE PRESENTMENT



From a philosophical/theoretical perspective acceptance is our purest remedy. The application of acceptance for value is a complicated matter for it is predicated on bookkeeping in part.



In my opinion Winston does a great job giving an introduction to the concept of acceptance.



Acceptance for Value can take a while to properly digest. However, once you have it as a concept, you got it.



R1

[iamfreeru2]

research1



There is one way to refuse for cause without dishonoring the presentment and therefore remaining in honor. That is under UCC 3-501(3) "Without dishonoring the instrument, the party to whom presentment is made may (i) return the instrument for lack of a necessary indorsement, or (ii) refuse payment or acceptance for failure of the presentment to comply with the terms of the instrument, an agreement of the parties, or other applicable law or rule."



The best is always to remain in honor. A presentment is dishonored whenever you argure (go to war fight) or ignore it (silence). Silence is acceptance by acquiesence. Remaning in honor removes any controversy.



iamfreeru2

iamfreeru2:



Totally agreed. I am familiar with that UCC code section.



Thank you though.

research1



I should have been more specific in my question but I wanted to see what kind of responses I would get.



I totally understand the acceptance part. The problem I was having was the "for value" part or more specifically, the meaning of "for" in the phrase.



Is it saying, "I am accepting your offer in the amount of $X.XX (whatever the amount on the traffic ticket for example)? In other words I agree with everything including the $ amount you put on it. The meeting of the minds. No controversy, no judicial jurisdiction.



Then you are saying, "Just prove to me you have a claim of title/authority to make this offer to this entity", right?



Do I have it?

It appears that you are speaking about both Conditional Acceptance and Full Acceptance.



Both are strategies and one must know when and how to implement such.



Conditional Acceptance in short can be explained in part by the following example:



Thank you for your offer/demand/money order in the amount of $400.00 re account #1234567.



I hereby conditionally accept your offer/demand/money order upon production of the following documents i.e. "evidence" which demonstrates or proves the following:



There exists and underlying contract between claimant and the Undersigned which gives claimant a right of payment.



Please validate your claim pursuant to Title 15 U.S.C. "The Fair Debt Collection Practices Act".



Until then, it is my pleasure to be...





Research 1

I don't think my acceptance is conditional. Here is the body of the accepance letter I have:



I received your offer, dated _______________, and did not find a check (Replevin Bond) enclosed; therefore, I am accepting your offer and returning your money order (offer) for settlement of this account. This serves as Notice that this account is accepted for value and that this property is exempt from levy.



Please perform the month-end closing immediately on this account and make the necessary adjustments and then provide me with a Certificate of Release. Please adjust this account for the proceeds, products, accounts and fixtures and all good and valuable considerations and release the order(s) to me immediately.



Additionally, since this proceeding may involve a dispute of title, please identify for me the person who is the fiduciary Debtor and who is the fiduciary Creditor of this account. I am requesting your taxpayer ID, please complete and return the IRS Form W-9 enclosed and provide me with my copy of the IRS Forms 1099-OID and 1099 INT for this account to enable me to identify the principles from which the interest was taken and returned.



UCC 2-207 (1) says: "A definite and seasonable expression of acceptance or a written confirmation which is sent within a reasonable time operates as an acceptance even though it states terms additional to or different from those offered or agreed upon, unless acceptance is expressly made conditional on assent to the additional or different terms."



Also, I have read (I'm trying like hell to remember where) that, stating in an acceptance, terms that were otherwise only implied in the offer does not constitute a conditional acceptance nor creates a counter-offer. In this situation, it is implied that the offeror has title and this is simply not the case. Hence, the request for the IRS forms.



My acceptance is unconditional.

I prefere full acceptance myself as well. Also, I have used the example you provided on many ocassions but with a litle differnt twist on it. It has worked with a fair deal of success.



R1

[re-ality]

research1



May I ask what twist you put on it?

I second that request.