Legal Character.
Section 60
SEC. 60. 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 IIIGuiding Principles of Monetary Administration by the Bangko SentralArticle I. Domestic Monetary Stabilization