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Arkansas Code Title 4. Business and Commercial Law § 4-56-106. Specie or legal tender

Current as of March 28, 2024 | Updated by Findlaw Staff

(a) As used in this section:

(1) “Legal tender” means a recognized medium of exchange for the payment of debts and taxes; and

(2) “Specie” means:

(A) Coin having gold or silver content; or

(B) Refined gold or silver bullion that is:

(i) Coined, stamped, or imprinted with its weight and purity; and

(ii) Valued primarily based on its metal content and not its form.

(b) Specie or legal tender shall consist of:

(1) Specie coin issued by the United States Government; or

(2) Other specie that an Arkansas court rules to be within state authority to make or designate as legal tender.

(c) Specie or legal tender shall not be characterized as personal property for taxation or regulatory purposes.

(d)(1) The exchange of one (1) type or form of legal tender for another type or form of legal tender shall not give rise to any tax liability.

(2) The purchase, sale, or exchange of any type or form of specie shall not give rise to any tax liability.

(e) Unless specifically provided by law or by contract, a person shall not compel another person to tender specie or to accept specie as legal tender.

(f) The Attorney General's office shall enforce this section without prejudice to a private right of action.

(g) If a valid contract expressly designates a type or form of specie as tender, then an Arkansas court asked to adjudicate the breach of such a contract shall require, as a remedy for the breach, the specific performance of tendering the type or form of specie specified in the contract.

(h) Specie may be recognized to pay debts.

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Cite this article: FindLaw.com - Arkansas Code Title 4. Business and Commercial Law § 4-56-106. Specie or legal tender - last updated March 28, 2024 | https://codes.findlaw.com/ar/title-4-business-and-commercial-law/ar-code-sect-4-56-106/

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