Formerly u/CanadaPlus101 on Reddit.

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Cake day: June 12th, 2023

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  • Liquid property like this can get vague in a million different ways, you’ve barely scratched the surface. Like, literally all stocks are is a legal right to the proceeds of some enterprise, nothing more.

    Law isn’t just decided based on the literal text, but also on what the implications of interpreting it a certain way would be. In English law this is called the golden rule: if an interpretation would lead to chaos and absurdity, don’t do that. Since we like having a financial system, I doubt the argument that “property rights” means everything must be made convertible to cash in every situation would hold water in any court. IANAL

    Also consider that cash itself is a construct. The special legal status it has in many jurisdictions might offer a different route to defending it, though. Notes being “legal tender” means that you should in theory be able to pay cash at every establishment, for example.