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Promisory Note Coffee Shop Meeting
I’m a real nube at this promisory note stuff, so pls forgive my question. I’ve watched the webinar and read the accompanying Notice of the PN and I’m a bit confused as the risk proposed of the coffee shop meeting for the payee to redeem the currency of the PN. What happens if they turn up? What I am missing?
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3 Replies
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OK, I’ve just purchased the Promisory Note Pack and I think the question is answered in the accompanying material. My next question is can Solutions Empowerment print off and Stamp these Notes with that nice Gold stamp that Mark spoke of, and how long does it take to get this done, as I have a 3 week deadline to deal with?
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Hey mate, if they were to turn up at a coffee shop meeting you would just give them another promissory note but you have 72 hours to provide it.
That said, no one is ever going to show up to that meeting. That is mostly because when promissory notes and bills of exchange first came about hundreds of years ago in commerce they were redeemable for the equivalent gold and silver. However, when gold and silver went out of circulation, bills of exchange and promissory notes stayed and became the money we use today (this was all slowly put into place by the banking families that run the world). Logically it doesn’t make sense, but it is how it is. Took me a while to get my head around it.
So what that means is that now, the promissory notes and the bills of exchange themselves ARE THE MONEY (Aus reserve bank notes are promissory notes), they cannot and are not required to be redeemed for gold and silver anymore. There are several other federal acts that support this.
However, some of the old customs and procedures relating to these instruments are still written in the bill of exchange act – such as S93 which has provisions for what we call the “coffee shop meeting” and states that if the holder of the PN doesn’t turn up, liability against the maker is discharged.
So in short, the coffee shop meeting is really only so that when they don’t show up, your liability is discharged pursuant to S93 and is hence the final “nail in the coffin”. You are just conforming with statute. Just make sure you take your witness and do the affidavit of non appearance and certificate of protest as per instructions.
Sorry for the long answer. I hope it was helpful and easy to understand. Thought I would share is as it’s the deeper info that I had trouble finding in the beginning.
Please anyone feel free to correct me if I have jumbled anything up here.
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This reply was modified 1 year, 4 months ago by Brandon-Nicholas.
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This reply was modified 1 year, 4 months ago by Brandon-Nicholas.
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This reply was modified 1 year, 4 months ago by
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As for the stamps, do a search in the forum. I think there may be some other members selling them. PM me if you get stuck.