Tender

Tender, as a legal term, means the formal offer to perform some obligation incumbent on the person tendering. It is most frequently used in reference to the payment of money which is due. Whenever a tender of the debt is properly made the legal consequence is this, that if the money is refused the creditor will have to pay the costs of any action he may bring to recover it, and cannot claim interest afterwards. In case such an action is brought, the debtor has nothing to do but to plead that he duly tendered the money, and if he then pay into court the sum which he had formerly tendered the other party must stop the action, or continue it at his own risk. In order, however, that a tender should have the above effect, it must have been duly made—that is to say, it must have been made without imposing any conditions on the creditor, and at the proper time and place. The tender must be in money, and not by bill of exchange; but Bank of England notes are a good tender for all sums above £5. If the debt is beyond 40s., it ought to be in gold, so far as it goes. Though other bank-notes than Bank of England notes are often tendered, the creditor is not bound to accept them; but if he take them without any specific objection, then it will be a sufficient discharge. The gold coinage of colonies may be made current by proclamation; and so might foreign coin. A tender of a larger sum than is due is good, but the debtor may not require change to be given. Nor must any condition be annexed to the tender, not even the condition of giving a stamped receipt; but a person receiving payment is bound to fill up a stamped receipt on its being tendered to him, and to pay the stamp; and his refusal subjects him to a penalty of £10. A tender of payment must, in general, be made to the creditor at the place he has indicated, and it is the duty of the debtor to find out and pay the creditor. It is, however, enough that a tenant be ready to pay the rent on the premises at the time it is due, it being the landlord's duty to send or call for it, for the land is the proper debtor, and that is the place to make demand in the first instance. See Roscoe, Evidence at Nisi Prius. In Scotland, Bank of England notes are not legal tender. In the United States all the gold coins are good; and also the silver dollar for any amount, when the contrary is not expressly stated in the contract. Smaller silver coins are good up to ten dollars. United States notes are legal tender for all debts save duties on imports and interest on the public debt. Foreign coins are not legal tender.