Today June 15, 2012
Promissory Note v. Security
Recoupment / Adverse Claim
Originally Jean Keating presented these concepts to a small group, and his teachings are meaningful for our understanding of Credit Application Transactions, in the case of home loans, auto loan, credit card, student loan, etc. and thus now presented to all in detail.
There is always an elephant in the room when it comes to dealing with banks and their Attorney, mainly that Attorney want to identify the Promissory Note as our obligation, they call it a Note; and that is not really what it is, rather it is a "Security"! Securities are governed under different codes than a Note. After reading the blog, make a note of which UCC Article that Securities apply to, and have it handy to refer to in court.
As the Donor, Issuer, Maker, Drawer of the First Payment Order, "NOT PAYMENT," you are not required to pay the taxes on the transfer as you donated the gift deposit at closing to the Escrow / Lender. The Lender is trying to stick the allege Borrower (donor/issuer) with the Lender's obligation to pay the taxes due on the transferor, they want the allege Borrower (donor/issuer) to pay their taxes on the skip transfer tax to the REMIC, and income tax on the Lender's off balance sheet transaction.
This is one of the most powerful concepts when it comes to the obligation on the Security, don't fall for their trick, know your powers in this credit transaction, You Are the Creditor/Beneficiary if you do a recoupment - adverse claim on the security proceeds.
- U.C.C. - ARTICLE 3 - NEGOTIABLE INSTRUMENTS
PART 1. GENERAL PROVISIONS AND DEFINITIONS § 3-105.ISSUE OF INSTRUMENT
- Foreign Sovereign Immunity Act, you are a foreign Nation, 28 USC§§1601 -1610
- UCC § 4-102. APPLICABILITY.
§ 77b. Definitions; promotion of efficiency,
competition, and capital formation
- UCC 3-302, Holder in due course takes the note, free of all defenses or claim, that the payor, assignee, took it to your subject in defenses in claim, so they are not a holder in due course.
click on the picture to download the presentation
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Now you have the power to get your Security Interest,
Recoupment of the proceeds of the Security
back from the bank.
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