The Black’s Law Dictionary defines money as a
generic term that embraces every description of coin or bank-notes recognized
by common consent as a representative of value in effecting exchanges of
property or payment of debts. It goes ahead to quote the case of Hopson
versus Fountain 5 Humph Tenn. 140 in which the court stated “Money is used in a specific
and also in a general and more comprehensive sense. In its specific sense, it
means what is coined or stamped by public authority, and has its determinate
value fixed by governments. In its more comprehensive and general sense, it
means wealth.”
The court in Moss v Hancock ([1899]
2 QB 111, England), in defining money sated;
"Money ... (is) that which
passes freely from hand to hand throughout the community in final discharge of debts
and full payment for commodities, being accepted equally without reference to
the character or credit of the person who offers it and without the intention
of the person who receives it to consume it or apply it to any other use than
in turn to tender it to others in discharge of debts or payment of
commodities."
Similarly, the court in
Re Alberta Statutes ([1938] SCR 100)
defined money as
"Any
medium which by practice fulfills the function of money and which everyone will
accept as payment of a debt is money in the ordinary sense of the word even
though it may not be legal tender."
No comments:
Post a Comment