This part is going to be dealing with the funds transfer and some other parts. We start with some definitions to get us on the same page.
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§
4A-
104. FUNDS TRANSFER - DEFINITIONS.
In this Article:
(a)
"
Funds transfer" means the series of transactions, beginning with the
originator's payment order, made for the purpose of making payment to the
beneficiary of the order. The term includes any payment order issued by the
originator's bank or an
intermediary bank intended to carry out the originator's payment order. A
funds transfer is completed by acceptance by the
beneficiary's bank of a payment order for the benefit of the beneficiary of the originator's payment order.
(b)
"
Intermediary bank" means a
receiving bank other than the
originator's bank or the
beneficiary's bank.
(c)
"
Originator" means the
sender of the first
payment order in a
funds transfer.
(d)
"
Originator's bank" means (i) the
receiving bank to which the
payment order of the
originator is issued if the originator is not a
bank, or (ii) the originator if the originator is a bank.
§
4A-
202. AUTHORIZED AND VERIFIED PAYMENT ORDERS.
(a) A
payment order received by the
receiving bank is the authorized order of the person identified as
sender if that person authorized the order or is otherwise bound by it under the law of agency.
(d) The term "
sender" in this Article includes the
customer in whose name a
payment order is issued if the order is the authorized order of the customer under subsection (a), or it is effective as the order of the customer under subsection (b).
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Ok from the definitions alone, we see that we are the sender/originator of the first funds transfer/payment order. We issue the payment order when we instruct the bank to pay for the house for us.
Now, a couple of other things here.
From my earlier blog posts we found out that the bank Monetizes our private debt, it then turns around and sells it aka MBS(mortgage backed securities)
Now federal statue 15 usc 78c(10) tells us that any note maturing after 9 months is a security instrument.
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https://www.law.cornell.edu/uscode/text/15/78c
(10)
The term “security” means any note, stock, treasury stock, security future, security-based swap, bond, debenture, certificate of interest or participation in any profit-sharing agreement or in any oil, gas, or other mineral royalty or lease, any collateral-trust certificate, preorganization certificate or subscription, transferable share, investment contract, voting-trust certificate, certificate of deposit for a security, any put, call, straddle, option, or privilege on any security, certificate of deposit, or group or index of securities (including any interest therein or based on the value thereof), or any put, call, straddle, option, or privilege entered into on a national securities exchange relating to foreign currency, or in general, any instrument commonly known as a “security”; or any certificate of interest or participation in, temporary or interim certificate for, receipt for, or warrant or right to subscribe to or purchase, any of the foregoing; but shall not include currency or any note, draft, bill of exchange, or banker’s acceptance which has a maturity at the time of issuance of not exceeding nine months, exclusive of days of grace, or any renewal thereof the maturity of which is likewise limited.
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Now the real test is if the instrument ACTS like a security, which by being monetized and securitization, we think that it is. If it is a security instrument there can be no holder in due course as specified in UCC3-106d.
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https://www.law.cornell.edu/ucc/3/3-106
(d) If a
promise or
order at the time it is
issued or first comes into possession of a holder contains a statement, required by applicable statutory or administrative law, to the effect that the rights of a holder or transferee are subject to claims or defenses that the
issuer could assert against the original payee, the promise or order is not thereby made conditional for the purposes of Section
3-104(a); but if the promise or order is an
instrument, there cannot be a
holder in due course of the instrument.
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The way to defeat them in this game is to show, using the accounting forms banks are required to file, that we are the creditor and that no "loan" happened. Be it a home, car, or personal loan. The way to do this before a foreclosure action is to write out a QWR (
http://consumerfinancialserviceslaw.us/recent-changes-to-the-law-governing-qualified-written-requests/).
For those already in foreclosure, the way to go about it is to file a counterclaim for recoupment or "setoff" as the one side of the books cancels the other side of the books. We can alo ask for the accounting documents thru discovery.
I have won cases using the information, I also do one on one training and I can provide legal information for those in need.
Hope this information helps you out there.
