The Tender For Law

Volume 5

Mar 16, 2014 3:32 AM

I wanted to throw an idea in here, and get some feedback. This relates to bills of exchange and lets use a gas bill in the example. GAIL received a bill of exchange from the gas company. A duly authorized trustee corporation is going to administer that debt for her.

This BOE would be an asset for the corp. Because the gas company has such an issue in dealing with BOE, the corp will send a check to the gas company to cover the debt.

Then the corp will submit the BOE to the Bank of Canada. What I'm not sure about is whether that is done through the mail directly to the B of C or if the corporation can deposit the BOE into their bank account and the bank will process the BOE through the Canadian Payments Act to the Bank of Canada?

If this was to work, could the corp not be an exchange for others to deal with their B of E hassle free...creating a value for the corp, exchanging a BOE into money of account, reducing the debt, and creating new money?

Does this make sense?

Read Comments

Beverly Berta Braakschmack

GAIL's bank is the Bank of Canada. It should be sent there. If the gas company has a problem with this, when the gas company forces you to purchase the debt, bill them back for it through your duly authorized co. When they don't PAY... lien them. :D