(b) If payment of an obligation to pay for an Instrument is made to a person entitled to enforce the title and the Offer is rejected, the obligation of an endorser or accommodating party with a right of recourse with respect to the obligation to which the Offer relates shall be released up to the amount of the Offer. (c) where payment of an amount due in respect of a security is made to a person entitled to enforce the certificate, the obligation of the debtor to pay interest on the amount offered after the due date is fulfilled. Where a document requires production and the debtor is able and willing to pay on the due date of any payment agent specified in the instrument, the debtor shall be deemed to have made an offer to pay to the person entitled to enforcement on the due date. Unfortunately, Virginia has not taken steps to reaffirm its constitutional duty to treat gold and silver coins as payment, as Oklahoma and Utah did with the recent passage of SB 862 and HB 157, respectively. If the levy on coins or funds (including banknotes) is legal tender for the settlement of debts, it is recorded at face value in the same way as so much money earned on seizure. If they are coins or currencies (including banknotes) that are not legal tender for the payment of debts, and the creditor does not take them at face value, they are sold and recorded like any other executed asset. (a) where the tender for payment of an obligation to pay for an instrument is made to a person entitled to enforce the security, the effect of the bid shall be determined in accordance with the principles of law applicable to the offer to pay under a simple contract; Oklahoma`s SB 862 reads in part: « Gold and silver coins issued by the Government of the United States are legal tender in the State of Oklahoma. No person may compel another person to offer or accept gold or silver coins issued by the U.S. government unless contractually agreed. Utah HB 157 states, in part, « Except as expressly provided in the contract, a person may not compel another person to offer or accept legal tender. » Income tax is an important way for government bureaucrats to punish holders of precious metals. If you own gold to protect yourself from the ongoing devaluation of the U.S.

fiat currency (resulting from the inflationary practices of the Federal Reserve), you may end up making a « profit » on your gold when it is valued in dollars. Not necessarily a real victory, mind you. It is often only a nominal gain, but it is still considered income on which the government levies a tax. Virginia was admitted to the Union in 1788 and has a population of nearly nine million. Virginia, the 12th most populous state in the Union and the 35th most populous state in the Union. In the region, was one of 13 original colonies and the birthplace of eight U.S. presidents. Virginia has taken modest steps to create an environment more conducive to the ownership and use of money. But a ticking time bomb awaits us. The majority of U.S. pension funds are dangerously undercapitalized and assets are often invested in stocks with gloomy return prospects that keep pace with a general decline in purchasing power.

In the case of underfunded public pensions, higher taxes inevitably follow, combined with a possible loss of obligations for retired workers. However, other state legislators across the country have begun to realize that paying taxes on nominal profits is beyond measure. Arizona and Utah recently eliminated capital gains taxation on precious metals, and Idaho hopes to do the same soon. This bill, drafted by MP Giovanni Capriglione (R-Southlake), allows « the establishment and management of a state gold deposit ». Virginia`s law, like most states, is full of draconian tax laws. Legislative acts that take action on this constitutional requirement are slowly gaining momentum. Utah and Oklahoma are leaders in this field, declaring gold and silver as currency in their states. The phrase « unless otherwise agreed by contract » has important implications. This language affirms the tribunal`s constitutional capacity and responsibility under Article I, Section 10, to require specific performance in the performance of such contracts. If the willing parties agree to be paid or pay in gold and silver coins, Oklahoma courts cannot substitute anything else, such as Federal Reserve notes, as payment.

More information on the Fiscal Stabilisation Funds is available here. Tens of millions of Americans and their employers invest money in retirement plans each month, relying on those funds to grow and be available when needed in retirement. Further information on the withdrawal of sales tax on constitutional currency can be found here. Virginia began to free gold and silver from bureaucratic chains. Under current law, gold and silver are subject to capital gains tax when exchanged for Federal Reserve notes or used in barter transactions. In practice, state laws recognizing gold and silver as money restore the government`s view of precious metals as the preferred form of money – a currency, rather than a property or other asset. With this logic, it would be inappropriate for a state to levy taxes when precious metals are used or traded. Unfortunately, Virginia, like every other state in the Union, holds none of its gold and silver reserves. Unfortunately, Virginia state pension funds do NOT appear to hold physical gold and silver assets. In 2017, Virginia issued a sales tax exemption on gold, silver or platinum bars and coins over $1,000. This regressive policy of taxing transactions under $1,000 ended in 2022 with the passage of Del. Amanda Battens HB 936, which also extended the current expiry date of the exemption to 2025.

There is currently no tax on the purchase of precious metal coins, bars and rounds in Virginia. Virginia law does not currently allow a deposit of state precious metals. Millions of Americans will depend on pensions once they reach retirement age. Pension fund managers have a fiduciary duty to hedge funds against foreseeable risks. Texas is championing the cause of state filing, and other states are likely to follow. In June 2015, Texas Governor Greg Abbott signed House Bill 483. With today`s Federal Reserve practices, there is no more predictable risk than inflation! But, with very few exceptions, pension asset managers fail in their duty to protect against this significant risk by investing in assets specifically designed to defend against the gradual decline in the purchasing power of the dollar. These assets include physical gold and silver, the most reliable inflation hedges since time immemorial. Code 1950, §§ 6-423, 6-473; 1964, c.

219, § 8.3-604; 1992, c. 693. According to the official website of the Texas Depository, House Bill 483 « permits the establishment of the first depository of Texas-owned gold in Texas under the supervision of the State Audit Board. » While Virginia may not yet hold its gold and silver reserves, Tennessee is leading by example by considering laws that would make it possible. Rep. Bud Hulsey of Tennessee introduced House Bill 0777 in 2017, which « requires the state treasurer to invest 40 percent of the rainy day fund funds in gold bars of other precious metal bars. » This bill will be voted in 2018. Texas is setting an example for the states. The Texas Teacher Retirement Fund and the University of Texas own nearly $1 billion in physical gold. As an asset not correlated to bonds, stocks and other paper investments, precious metals are the key to true diversification. After signing the bill, Gov.

Greg Abbott said, « With the passage of this bill, the Texas Bullion Depository will be the first state facility of its kind in the country, increasing the security and stability of our gold reserves and discouraging taxpayer money from leaving Texas to pay for gold storage at facilities outside our state. »