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LSDefine
Simple English definitions for legal terms
coal note
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A quick definition of coal note:
A coal note is a type of promise to pay money. It was used in the past to pay for coal in the port of London. If someone didn't follow the rules, they had to pay a fine. Nowadays, there are many different types of notes, like ones that have to be paid back in small amounts over time or ones that are backed up by something valuable like property or stocks. Sometimes, people write short essays called notes to explain or criticize the law. And, note can also mean writing something down to remember it later.A more thorough explanation:
A coal note is a type of promissory note that was written according to a statute that required payment for coal out of any vessel in the port of London to be in cash or by promissory note containing the words “value received in coal.” Noncompliance with the statute resulted in a fine of £100.
For example, if a ship carrying coal arrived at the port of London, the owner of the coal would have to be paid in cash or by a promissory note that stated the value received in coal. If the payment was not made in this way, the person responsible would be fined £100.
This type of note is an example of a specific type of promissory note that was used in a particular time and place. It illustrates how laws and regulations can influence the way that financial transactions are conducted.