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Reader Post | By Doug Duff
PROMISSORY NOTE, what you don’t know (NOT LEGAL ADVICE)
A Promissory Note is a debt instrument/negotiable equity instrument of money equivalent value. It can be bought, sold, traded, or exchanged in financial markets as commercial paper.
Concerning banks/financial institutes, the question is, “was my Note negotiated or deposited”?
If the banks/f.i. have done more than hold it as a “promise” in a particular file, then it became a security instrument and was exchanged for something other than what you (the Issuer) originally contracted for (fraud).
In the process of “exchange”, there was a clear breach of contract as the bank/f.i. gained an undisclosed benefit and altered, or eliminated their risk represented to me in the contract.
12 USC Sec. 1813, by definition a deposit is “the unpaid balance of money or its equivalent received or held by a bank… …Any such account or instrument must be regarded as evidencing the receipt of the equivalent of money when credited or issued in exchange for, among other things “a Promissory Note”. A deposit is “the receipt of the equivalent of money”.
If the bank/f.i. has gained monetary conversion of the Note as commercial paper money equivalent equity asset using our Note as equity converted into money on its books to fund or offset the funding of it’s (my) loan (to purchase the loan), and did not bring equity to the contract (without full disclosure there is unfair trade practices/fraud), there could be an injured party (me) with actual loss and damage from my performance as basis to bring the claim.
If the bank/f.i. deposited the Note, by the authority of LEGAL DEFINITION in federal law, they have converted the equity of it into money on bank books, which has covered its loan or purchase of it, without loss to it’s other assets and deposits and without the risk to recover represented to me in the contract. Therefore, the bank/f.i. could not have suffered any actual loss, or damage, but rather, I am the injured party.
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It all goes back to the definition of deposit.
12 USC 1813,
(l) The term “deposit” means—
(1) the unpaid balance of money or its equivalent received or held by a bank or savings association in the usual course of business and for which it has given or is obligated to give credit, either conditionally or unconditionally, to a commercial, checking, savings, time, or thrift account, or which is evidenced by its certificate of deposit, thrift certificate, investment certificate, certificate of indebtedness, or other similar name, or a check or draft drawn against a deposit account and certified by the bank or savings association, or a letter of credit or a traveler’s check on which the bank or savings association is primarily liable: Provided, That, without limiting the generality of the term “money or its equivalent”, any such account or instrument must be regarded as evidencing the receipt of the equivalent of money when credited or issued in exchange for checks or drafts or for a promissory note upon which the person obtaining any such credit or instrument is primarily or secondarily liable, or for a charge against a deposit account, or in settlement of checks, drafts, or other instruments forwarded to such bank or savings association for collection. (emphasis added)
CONVERSION – Torts. The unlawful turning or applying the personal goods of another to the use of the taker, or of some other person than the owner; or the unlawful destroying or altering their nature.
When a party takes away or wrongfully assumes the right to goods which belong to another, it will in general be sufficient evidence of a conversion but when the original taking was lawful, as when the party found the goods, and the detention only is illegal, it is absolutely necessary to make a demand of the goods, and there must be a refusal to deliver them before the conversion will be complete. The refusal by a servant to deliver the goods entrusted to him by his master is not evidence of a conversion by his master.
The tortious taking of property is, of itself, a conversion and any intermeddling with it, or any exercise of dominion over it, subversive of the dominion of the owner or the nature of the bailment if it be bailed, is evidence of a conversion.
In Equity. The considering of one thing as changed into another; for example, land will be considered as converted into money and treated as such by a court of equity, when the owner has contracted to sell his estate, in which case, if he die before the conveyance, his executors and not his heirs will be entitled to the money. On the other hand, money is converted into land in a variety of ways as for example, when a man agrees to buy land and dies before he has received the conveyance, the money he was to pay for it will be considered as converted into lands, and descends to the heir.
FROM “LECTRIC LAW LIBRARY”
Another DEFINITION; CONVERSION n. a civil wrong (tort) in which one converts another’s property to his/her own use, which is a fancy way of saying “steals.” Conversion includes treating another’s goods as one’s own, holding onto such property, which accidentally comes into the converter’s (taker’s) hands, or purposely giving the impression the assets belong to him/her. This gives the true owner the right to sue for his/her own property or the value and loss of use of it, as well as going to law enforcement authorities since conversion usually includes the crime of theft.
On a side note, in common banking practice, the Issuer of a Promissory Note NEVER sees the original again; only a copy. The original is often traded on the commercial market several times in the first day or two. The P.N. often has a piece of paper called an Allonge stapled to it with stamps of “investors” that have participated in exchanges.
Now, if you can’t find an element of fraud in what I’ve just written, well – – –
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