Republic Acts1 min read
Section 60Sec./Art. 60
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Legal Character. - Checks representing demand deposits do not have legal tender power and their acceptance in the payment of debts, both public and private, is at the option of the creditor: Provided, however, That a check which has been cleared and credited to the account of the creditor shall be equivalent to a delivery to the creditor of cash in an amount equal to the amount credited to his account.
CHAPTER III GUIDING PRINCIPLES OF MONETARY ADMINISTRATION BY THE BANGKO SENTRAL
ARTICLE I
DOMESTIC MONETARY STABILIZATION
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