Jul 16, 2013 9:56 AM

Colin Stephen Tonks

What is a promissory note? A Flagstaff Hill man, 33, has been arrested for deception offences after allegedly passing fraudulent promissory notes across Adelaide. Police will allege he presented the promissory notes to a number of financial institutions via ATM deposits. One promissory note was presented at a retail outlet. The investigation is still ongoing and anyone with information that may assist should contact police. Promissory notes are not legal tender and have no value. Police advise the public if you are presented with a promissory note, do not accept it, and contact police. https://fbcdn-sphotos-c-a.akamaihd.net/hphotos-ak-ash4/1002983_503936179683729_1207125720_n.jpg

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August le Blanc

Jul 17, 2013 2:45 AM

how can a bill of exchange be illegal?

August le Blanc

Jul 17, 2013 4:14 AM

does not the value of the note come from the promise?? Is it not evidence then of a contract?

Blake Gardner

Jul 17, 2013 6:12 AM

This is the bloke with the "Australian constitution" page...I believe pete is his name from memory. I chatted briefly with him a ways back about this very issue prior to these latest troubles.

The reason they're after him is because he's trying to pass his notes off as money of exchange rather than money of account in direct and willing competition to the Australian national bank and is going around promoting others to do the same.

So in this case it's a bigger issue than just using promissory notes...it's a turf war.) and I don't see a happy ending with that sort of crusade.

Isn't the abundance of commercial remedies currently at hand enough...do we really want to, or even need to go toe to toe with a giant gorilla...each to their own I guess.

Peace.