Money – Definition from Black’s Law Fourth Edition
Moneta – Latin for Money
MONETA EST JUSTUM MEDIUM ET MENSURA BERUM COMMUTABILIUM, NAM PER MEDIUM MONETAE FIT OMNIUM RERUM CONVENIENS ET JUSTA AESTIMATIO. Money is the just medium and measure of commutable things, for by the medium of money a convenient and just estimation of all things is made.
In usual and ordinary acceptation it means gold, silver, or paper money used as circulating medium of exchange, and does not embrace notes, bonds, evidences of debt, or other personal or real estate. Currency; the circulating medium; cash.
The term “moneys” is not of more extensive signification than “money” and means only cash, and not things in action.
In its strict technical sense, “money” means coined metal, usually gold or silver, upon which the government stamp has been impressed to indicate its value. In its more popular sense, “money” means any currency, tokens, bank-notes, or other circulating medium In general use as the representative of value.
The simple meaning of money is current coin, but it may mean possessions expressible in money values. “Money” has no technical meaning, but is of ambiguous import, and may be interpreted having regard to all surrounding circumstances under which is used. “Money” is often and popularly used as equivalent to “property”. “Money” means wealth reckoned in terms of money; capital considered as a cash asset; specifically such wealth or capital dealt in as a commodity to be loaned, invested, or the like; wealth considered as a cash asset.
In its more comprehensive and general sense, it means wealth, – the representative of commodities of all kinds, of lands, and of everything that can be transferred in commerce. A general, indefinite term for the measure and representative of value.
Public Money – Revenue. Money received by officers of the state in the ordinary process of taxation. Under a municipal charter, money or funds belonging to a city; moneys which are owing or payable to the city in its corporate capacity, such as assessments, license fees, or moneys derived from thesale of property, wharfage charges and such like. Under a statute, all money which by law the sheriff in his capacity as such and as treasurer of the county and district is authorized to collect, receive, and disburse for public purposes. As used in the United States statutes, the money of the federal government received from the public revenues, or intrusted to its fiscal officers, whereever it may be.
Definitions Pay, Payment Bond, Payment from Black’s Law Sixth Edition
Pay, (noun) Compensation; wages, salary; commissions; fees. The act or fact of paying or being paid. See Discharge; Payment.
Pay, (verb) To discharge a debt by tender of payment due; to deliver to a creditor the value of a debt, either in money or in goods for his acceptance. U.C.C 2-511, 3-604. To compensate for goods, services or labor. See also Discharge; Payment.
Payment Bond- See Miller Act; Performance bond
Payment – The fulfillment of a promise, or the performance of an agreement. A discharge of an obligation or debt, and part payment, if accepted, is a discharge pro tonto.
In a more restricted legal sense payment is the performance of a duty, promise, or obligation, or discharge of a debt or liability, by the delivery of money or other value by a debtor to a creditor, where the money or other valuable thing is tendered and accepted as extinguishing debt or obligation in whole or in part. Also the money or thing delivered. U.C.C. 2-511, 3-604.
Payment is a delivery of money or its equivalent in either specific property or services by one person from whom it is due to another person to whom it is due. A discharge in money or its equivalent of an obligation or debt owing by one person to another, and is made by debtor’s delivery to creditor of money or some other valuable thing, and creditor’s receipt thereof, for purposes of extinguishing debt.
Under the Internal Revenue Code provision allowing deduction for charitable contribution of which payment is made within a taxable year, “payment” need not be in money, but subject matter must have been placed beyond dominion and control of donor.
The execution and delivery of negotiable papers is not payment unless it is accepted by the parties in that sense. U.C.C 3-410
