Banks can only lend “credit to member banks
Banks can only “invest” in real estate used for “banking business” as a leasehold
Real Estate loans are limited to “member banks” on a “pledge” of stocks or bonds
Chattel Mortgage laws (personal property) are used for successors enrichment
using no risk credit to steal “Real Property”
JEFFERSON’S OPINION ON THE
CONSTITUTIONALITY OF THE BANK
http://www.apfn.org/apfn/reserve.htm
February 15, 1791
(The Writings of Thomas Jefferson, ed. by H. E. Bergh, Vol. III, p. 145 ff.)
The bill for establishing a national bank, in 1791, undertakes, among other things
1. To form the subscribers into a corporation.
2. To enable them, in their corporate capacities, to receive grants of lands; and, so far, is against the laws of mortmain.
6. To transmit personal chattels to successors, in a certain line; and so far, is against the laws of distribution.
Comptroller of the Currency
Administrator of National Banks
http://www.occ.gov/index.html
Interpretive Letter #950
12USC 29B
12 USC 84(a)(1)
12 USC 371D
_________________________________
1 Under 12 U.S.C. § 29(First), a national bank may invest in real estate that is necessary for the transaction of its business. Twelve C.F.R. § 7.1000(a)(2)(i) provides that this real estate includes “[p]remises that are owned and occupied (or to be occupied, if under construction) by the bank …” (emphasis added). Section 7.1000(a)(3) further provides that national banks may acquire and hold such real estate by means of a leasehold estate. Limited to 12 USC 371d.
12 U.S. CODE § 371D - INVESTMENT IN BANK PREMISES OR STOCK OF CORPORATION HOLDING PREMISES
HTTP://WWW.LAW.CORNELL.EDU/USCODE/TEXT/12/371D
Source
(Dec. 23, 1913, ch. 6, § section 24A, as added June 16, 1933
12 U.S. Code § 371d - Investment in bank premises or stock of corporation holding premises
Congressional Serial Set - Page 568 - Google Books Result
books.google.com/books?id=GlFUAAAAIAAJ
1918 - United States
Included under the latter heading are loans upon which real estate security has ... with section 24, Federal Reserve Act, as amended Secured by improved real....
(comment) The only real estate that a bank can invest in, is property used for the banks transaction of business, and it has to be a leasehold estate. This eliminates “Residential Real Property”, remember this is from the Comptroller of the Currency
HERE’S ITS REPRODUCED IN TITLE 12 U.S.C. section 1422
BANKS CAN LOAN “CREDIT” TO MEMBER BANKS
TITLE 12 - BANKS AND BANKING
CHAPTER 11 - FEDERAL HOME LOAN BANKS
-HEAD-
Sec. 1422. Definitions
-STATUTE-
(4) The term ''member'' means any institution which has subscribed for the stock of a Federal Home Loan Bank.
(5) The term ''home mortgage loan'' means a loan made by a *member upon the security of a home mortgage.
(6) The term ''home mortgage'' means a mortgage upon real estate, in fee simple, or on a leasehold….., such classes of first liens as are commonly given to secure advances on real estate by institutions authorized under this chapter to become members, under the laws of the State in which the real estate is located, together with the credit instruments, if any, secured thereby…. a home mortgage loan to be repaid or liquidated in not less than eight years by means
of regular weekly, monthly, or quarterly payments made directly in reduction of the debt or upon stock or shares pledged as collateral for the repayment of such loan.
Comptroller of the Currency continued..
12 U.S.C. § 84. Section 84(b)(1) defines “loans and extensions of credit” to “include all direct or indirect advances of funds to a person made on the basis of any obligation of that person to repay the funds or repayable from specific property* pledged by or on behalf of the person.
Legal definition, Pledge:
A pledge is a bailment that conveys possessory title to property owned by a debtor (the pledgor) to a creditor (the pledgee) to secure repayment for some debt or obligation and to the mutual benefit of both parties.[1][2] The term is also used to denote the property which constitutes the security. A pledge is type of security interest
Bailment describes a legal relationship in common law where physical possession of personal property, or a chattel, is transferred from one person (the 'bailor') to another person (the 'bailee') who subsequently has possession of the property. It arises when a person gives property to someone else for safekeeping, and is a cause of action independent of contract or tort.
As the pledge is for the benefit of both parties, the pledgee is bound to exercise only ordinary care over the pledge. The pledgee has the right of selling the pledge if the pledgor make default in payment at the stipulated time. No right is acquired by the wrongful sale of a pledge except in the case of property passing by delivery, such as money or negotiable securities. In the case of a wrongful sale by a pledgee, the pledgor cannot recover the value of the pledge without a tender of the amount due., covered by the U.C.C. for “personal property”.
Now how does the Federal Reserve Act define Mortgage?
The only definition of “Mortgage, is a “Chattel Mortgage”
(since all “national banks” are member of the FED, the definition is the same, this is what the “banks are “foreclosing” on, “chattel property” since loaning credit is limited to member banks)
http://books.google.com/books?id=nj...Reserve+Act++Mortgage+definition"&output=text
<<<<<<<Loans to ten per cent limit, bank acceptances in addition to 25
Maturity, see under appropriate class of paper
*Mortgages, see Chattel mortgages and Collateral notes
Cattle paper, see Chattel mortgages
Chattel mortgages, as security for agricultural paper 92
Chattel mortgages, bank acceptances against 41,104
_________________________________________
California Civil Code section 2924, the code the banks use to “foreclose” on “Real Property”.
[No. 19385. In Bank.—January 5, 1895.]
JOHN D. WORKS ET AL., RESPONDENTS, v. GEORGE
A. MERRITT, APPELLANT. 105 CAL. 467
ID.—MORTGAGE OF PERSONAL PROPERTY—CONSTRUCTION OF CODE.—
Under section 2924 of •the Civil Code a mortgage may be made by a transfer of an interest in any personal property, other than in trust, made only as security for the performance of another act, and the power to mortgage personal property, without a transfer of possession, is not confined or limited to the articles enumerated in sec-. 2955 of the Civil Code.
ID.-FORMALITIES OF CHATTEL MORTGAGE--VALIDITY AGAINST SUBSEQUENT PURCHASERS AND ENOUMBRANCERS.—The provision of section 2957 of the Civil Code, declaring that a mortgage of personal property is void as against creditors of the mortgagor and subsequent purchasers and encumbrances in good faith, unless the formalities therein prescribed are complied with, are not limited to chattel mortgages upon property enumerated in section 2955, but apply generally to any mortgage of personal property ; and any such mortgage is good as between the parties and as against subsequent purchasers and encumbrances with notice, though not executed with the formalities required for a chattel mortgage.
Banks can only “invest” in real estate used for “banking business” as a leasehold
Real Estate loans are limited to “member banks” on a “pledge” of stocks or bonds
Chattel Mortgage laws (personal property) are used for successors enrichment
using no risk credit to steal “Real Property”
JEFFERSON’S OPINION ON THE
CONSTITUTIONALITY OF THE BANK
http://www.apfn.org/apfn/reserve.htm
February 15, 1791
(The Writings of Thomas Jefferson, ed. by H. E. Bergh, Vol. III, p. 145 ff.)
The bill for establishing a national bank, in 1791, undertakes, among other things
1. To form the subscribers into a corporation.
2. To enable them, in their corporate capacities, to receive grants of lands; and, so far, is against the laws of mortmain.
6. To transmit personal chattels to successors, in a certain line; and so far, is against the laws of distribution.
Comptroller of the Currency
Administrator of National Banks
http://www.occ.gov/index.html
Interpretive Letter #950
12USC 29B
12 USC 84(a)(1)
12 USC 371D
_________________________________
1 Under 12 U.S.C. § 29(First), a national bank may invest in real estate that is necessary for the transaction of its business. Twelve C.F.R. § 7.1000(a)(2)(i) provides that this real estate includes “[p]remises that are owned and occupied (or to be occupied, if under construction) by the bank …” (emphasis added). Section 7.1000(a)(3) further provides that national banks may acquire and hold such real estate by means of a leasehold estate. Limited to 12 USC 371d.
12 U.S. CODE § 371D - INVESTMENT IN BANK PREMISES OR STOCK OF CORPORATION HOLDING PREMISES
HTTP://WWW.LAW.CORNELL.EDU/USCODE/TEXT/12/371D
Source
(Dec. 23, 1913, ch. 6, § section 24A, as added June 16, 1933
12 U.S. Code § 371d - Investment in bank premises or stock of corporation holding premises
Congressional Serial Set - Page 568 - Google Books Result
books.google.com/books?id=GlFUAAAAIAAJ
1918 - United States
Included under the latter heading are loans upon which real estate security has ... with section 24, Federal Reserve Act, as amended Secured by improved real....
(comment) The only real estate that a bank can invest in, is property used for the banks transaction of business, and it has to be a leasehold estate. This eliminates “Residential Real Property”, remember this is from the Comptroller of the Currency
HERE’S ITS REPRODUCED IN TITLE 12 U.S.C. section 1422
BANKS CAN LOAN “CREDIT” TO MEMBER BANKS
TITLE 12 - BANKS AND BANKING
CHAPTER 11 - FEDERAL HOME LOAN BANKS
-HEAD-
Sec. 1422. Definitions
-STATUTE-
(4) The term ''member'' means any institution which has subscribed for the stock of a Federal Home Loan Bank.
(5) The term ''home mortgage loan'' means a loan made by a *member upon the security of a home mortgage.
(6) The term ''home mortgage'' means a mortgage upon real estate, in fee simple, or on a leasehold….., such classes of first liens as are commonly given to secure advances on real estate by institutions authorized under this chapter to become members, under the laws of the State in which the real estate is located, together with the credit instruments, if any, secured thereby…. a home mortgage loan to be repaid or liquidated in not less than eight years by means
of regular weekly, monthly, or quarterly payments made directly in reduction of the debt or upon stock or shares pledged as collateral for the repayment of such loan.
Comptroller of the Currency continued..
12 U.S.C. § 84. Section 84(b)(1) defines “loans and extensions of credit” to “include all direct or indirect advances of funds to a person made on the basis of any obligation of that person to repay the funds or repayable from specific property* pledged by or on behalf of the person.
Legal definition, Pledge:
A pledge is a bailment that conveys possessory title to property owned by a debtor (the pledgor) to a creditor (the pledgee) to secure repayment for some debt or obligation and to the mutual benefit of both parties.[1][2] The term is also used to denote the property which constitutes the security. A pledge is type of security interest
Bailment describes a legal relationship in common law where physical possession of personal property, or a chattel, is transferred from one person (the 'bailor') to another person (the 'bailee') who subsequently has possession of the property. It arises when a person gives property to someone else for safekeeping, and is a cause of action independent of contract or tort.
As the pledge is for the benefit of both parties, the pledgee is bound to exercise only ordinary care over the pledge. The pledgee has the right of selling the pledge if the pledgor make default in payment at the stipulated time. No right is acquired by the wrongful sale of a pledge except in the case of property passing by delivery, such as money or negotiable securities. In the case of a wrongful sale by a pledgee, the pledgor cannot recover the value of the pledge without a tender of the amount due., covered by the U.C.C. for “personal property”.
Now how does the Federal Reserve Act define Mortgage?
The only definition of “Mortgage, is a “Chattel Mortgage”
(since all “national banks” are member of the FED, the definition is the same, this is what the “banks are “foreclosing” on, “chattel property” since loaning credit is limited to member banks)
http://books.google.com/books?id=nj...Reserve+Act++Mortgage+definition"&output=text
<<<<<<<Loans to ten per cent limit, bank acceptances in addition to 25
Maturity, see under appropriate class of paper
*Mortgages, see Chattel mortgages and Collateral notes
Cattle paper, see Chattel mortgages
Chattel mortgages, as security for agricultural paper 92
Chattel mortgages, bank acceptances against 41,104
_________________________________________
California Civil Code section 2924, the code the banks use to “foreclose” on “Real Property”.
[No. 19385. In Bank.—January 5, 1895.]
JOHN D. WORKS ET AL., RESPONDENTS, v. GEORGE
A. MERRITT, APPELLANT. 105 CAL. 467
ID.—MORTGAGE OF PERSONAL PROPERTY—CONSTRUCTION OF CODE.—
Under section 2924 of •the Civil Code a mortgage may be made by a transfer of an interest in any personal property, other than in trust, made only as security for the performance of another act, and the power to mortgage personal property, without a transfer of possession, is not confined or limited to the articles enumerated in sec-. 2955 of the Civil Code.
ID.-FORMALITIES OF CHATTEL MORTGAGE--VALIDITY AGAINST SUBSEQUENT PURCHASERS AND ENOUMBRANCERS.—The provision of section 2957 of the Civil Code, declaring that a mortgage of personal property is void as against creditors of the mortgagor and subsequent purchasers and encumbrances in good faith, unless the formalities therein prescribed are complied with, are not limited to chattel mortgages upon property enumerated in section 2955, but apply generally to any mortgage of personal property ; and any such mortgage is good as between the parties and as against subsequent purchasers and encumbrances with notice, though not executed with the formalities required for a chattel mortgage.
