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I believe there is a Treasury account already in existence (SSN) and by creating and lodging a private indemnity bond, you are funding this account, where some say that the account is already funded, based on various premises. If i create and lodge a bond based on that acct, i know there is value there. I know people who have successfully used these bonds to discharge debt of various types. I do not know anyone who has successfully used them for anything else and that is what I am exploring, along with the discharge process.
If a Letter of Credit was tendered to the Treasury, based upon the private indemnity bond and private offset bond, would the Treasury provide funds to the creditor holding the letter of credit to discharge that debt? In the example of a mortgage company or CC company, it seems to me, they would want to receive something to balance the books so to speak, as opposed to just cancelling the debt out somehow.
Regards,
Thom
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Blowing down the house of cards, one puff at a time.
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