Re: Tenants Paying in Cash - Landlord Forum thread 258584

Re: Tenants Paying in Cash by Anonymous on June 21, 2012 @13:26

Legally, you can not reject cash - its US legal tender, intended to pay all bills, rent included. Our cash clearly says that "This note is legal tender for all debts, public and private. You can request payment with small bills or payment of another kind, but explaining to a judge why you reject cash for a legal financial obligation would be dicey at best.

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Re: Tenants Paying in Cash by The Dude (MN) on June 21, 2012 @13:41	[ Reply ]

I'm obviously not saying I would reject it. I would just prefer it due to the types of people who normally have to deal in all cash like that. Since I've become more selective in screening, I've only had a few tenants pay in cash. They've all been arrested for drug related issues (no priors). It's easy to see who would do this by looking at the credit reports, background checks, and following up on references combined with just talking to them.

Re: Tenants Paying in Cash by Anonymous on June 21, 2012 @22:45	[ Reply ]

I doubt this is true I even paid a tax bill from the US Govt that says Do NOT send cash... It is legal tender but I doubt a judge would see it your way.

Re: Tenants Paying in Cash by Bryan (Ia) on June 22, 2012 @01:16	[ Reply ]

I used to believe the same, however; from the US Department of Treasury.....(http://www.treasury.gov/resource-center/faqs/Currency/Pages/legal-tender.aspx) Legal Tender Status I thought that United States currency was legal tender for all debts. Some businesses or governmental agencies say that they will only accept checks, money orders or credit cards as payment, and others will only accept currency notes in denominations of $20 or smaller. Isn't this illegal? The pertinent portion of law that applies to your question is the Coinage Act of 1965, specifically Section 31 U.S.C. 5103, entitled "Legal tender," which states: "United States coins and currency (including Federal reserve notes and circulating notes of Federal reserve banks and national banks) are legal tender for all debts, public charges, taxes, and dues." This statute means that all United States money as identified above are a valid and legal offer of payment for debts when tendered to a creditor. There is, however, no Federal statute mandating that a private business, a person or an organization must accept currency or coins as for payment for goods and/or services. Private businesses are free to develop their own policies on whether or not to accept cash unless there is a State law which says otherwise. For example, a bus line may prohibit payment of fares in pennies or dollar bills. In addition, movie theaters, convenience stores and gas stations may refuse to accept large denomination currency (usually notes above $20) as a matter of policy.

Re: Tenants Paying in Cash by Anonymous on June 22, 2012 @15:27	[ Reply ]

You're wrong on this. The legal tender wording is about legitimizing the U.S. Dollar currency. It's not about the form of payment. This means that you have to pay your taxes in U.S. Dollars. The IRS won't accept a different type of currency as payment. It also means that if someone attempts to pay you in U.S. Dollars and you demand payment in a different currency, you have no recourse for monetary damages against the other party in a court of law.