Jim, the debt the chip represents is legal"within" the confines of only that casino. If I as an individual decide to keep the collateral (the actual chip that represents the debt) this is my choice as the lender. No regulation can establish or control my behavior within the framework of this transaction. In other words I have two options - cash or redeem the chip, or keep the collateral. The regulations also establish that the chip or token cannot be used as legal tender (in the gift shops, etc.) but have been created for gaming purposes only. More later, I am just too tired. Best, Jim