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this post was submitted on 31 May 2024
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What does "a payment coupon as a negotiation instrument" even mean? Is it the same as "if I pay X amount of Y will you write of the rest?"
You know those remittance slips at the bottom of bills that you can cut off and submit with a cheque via mail? They think if they endorse that as a cheque would be, that's a payment.
As I understand, they believe that the keyword "coupon" applies to this piece of paper in the supermarket sense.
Essentially, they're writing $1,000,000 on a piece of paper and declaring it to be worth the full amount of the debt. The bank issuing this "coupon" being themselves, who can totally back this coupon's worth.
Kinda like if tried to pay your bills with monopoly money.