Accepted for Value
Its got a fancy name but it’s a fairly traditional process. In the normal course of business, if someone sends you an invoice and you agree with the total amount and pay it, you have accepted it for value.
In the A4V world, the concept is a little bit left of field in that: There is no actual money with which to pay a debt, because as per the constitution nothing but Gold and Silver can be used to pay a debt. USA and Aus have this. Other places also. As we have no gold or silver in circulation we cannot pay any debts.
Currency or what we think of as money is actually a debt instrument in itself, it cannot technically be used to pay a debt. By giving currency in place of money, what we are actually doing is discharging an obligation rather than paying a debt. Then the question becomes… what can we use to discharge an obligation or claim?
In theory we can use anything that is considered to be currrency. And many things are considered currency. The Bills Of Exchange Act describes many things that are currency.
It might also be possible to do an offset or setoff. The reasoning is, that if someone has access to some thing that is considered currency or something that contains currency it is possible to draw on that to offset a claim there by dicharging the obligation.
From here it gets a bit more involved to explain some of the other mechanics/methods that are supposed to be available to discharge an obligation.
I have tried it for significant penalties ($100K+) and I cannot conclude if it did or did not work because I was attempting to resolve a claim through several channels at the same time. The claim was either forgiven or discharged and I do not know which succeeded or if one influenced the outcome of the other.
I heard many different stories online and in person, some of supposed success and non success. I can’t say I’ve seen any success stories that were clear cut and obvious …. but the obligations did go away.