Legal tender in the form of banknotes and coins that are readily acceptable for the settlement of debts.
To settle or determine the amount due and extinguish indebtedness. More commonly, liquidate refers to the adjustment or settlement of debts and sometimes paying off obligations.
A payee is an individual or entity to whom a debt is payable or to whose order a bill, note, or check is made payable, thus playing a crucial role in financial transactions.
