McElroy v. Chase Manhattan Mortgage Corp.

[Libertarian]

McElroy v. Chase manhattan Mortgage Corp.

http://www.courtinfo.ca.gov/opinions...ts/G034588.PDF

This is an interesting one-- it discusses UCC redemption theory, use of a BOE to discharge a mortgage, HJR 192, and some other theories which are popular with some of us.

Originally Posted by Libertarian

McElroy v. Chase manhattan Mortgage Corp.

http://www.courtinfo.ca.gov/opinions...ts/G034588.PDF

This is an interesting one-- it discusses UCC redemption theory, use of a BOE to discharge a mortgage, HJR 192, and some other theories which are popular with some of us.

UCC REDEMPTION IS A WASTE OF TIME. I THOUGHT WE HAD ALREADY ESTABLISHED THIS. THE ONLY PEOPLE THAT BENEFIT FROM ALL THIS ARE THOSE WHO SELL THE "PROCESS".

[Shoonra]

case citation for this decision is:

McElroy v. Chase Manhattan Mortgage Corp., 134 Cal.App.4th 388, 36 Cal.Rptr.3d 176 (Cal.App. 2005)

This case is very instructive.

[Libertarian]

UCC REDEMPTION IS A WASTE OF TIME. I THOUGHT WE HAD ALREADY ESTABLISHED THIS. THE ONLY PEOPLE THAT BENEFIT FROM ALL THIS ARE THOSE WHO SELL THE "PROCESS".

Some people still try it. This case rejects the process, so I thought it would be of some interest.

Originally Posted by Libertarian

Some people still try it. This case rejects the process, so I thought it would be of some interest.

Thanks for posting this.

I hope these people would move on and try something else. It just doesn't work.

[Shoonra]

MRG: You mixed so many metaphors that I cannot imagine what you are talking about.

Suffice it to say, this case repeats the lesson taught in economics class: "money" is whatever medium of exchange people will accept. If they accept enormous carved stones, like that Yap Islanders, or seashells, or tulip bulbs, then that's money. FRNs and electronic entries on bank accounts and credit lines count as money. Do-it-yourself funny money does not.

So far, in all my experience, the people promoting the idea of funny money WON'T ACCEPT IT when people try to pay them with it. The Montana Freemen wouldn't accept their own Leroy Checks, Media Bypass which was closely associated at the time with Norfed stopped accepting Norfed funny money for subscriptions, etc. Those people all wanted Real Money -- from the US Mint, and none of the stuff they were churning out on their Ataris.

[Ice]

Originally Posted by Shoonra

"Norfed funny money"

Soooo.... Silver is "funny money"??

Since when?

Ice

[Shoonra]

Norfed "currency" is funny money. They revalued their coinage this past year, but at the time (about 3 years ago) they were selling a supposed coin claiming it was "fully backed" by its own silver content -- except that, if it were pure silver, it would have a metallic value of a little more than $6 (in FRNs) but they were selling them for $10. In the past year, the rising price of silver has made those "$10" coins worth about $8, so to prevent its customers from getting anything approachingt their money's worth, Norfed inflated its face value to $20. Whether you can actually spend their "currency" is another matter completely: I am sure that no sensible bank or merchant would accept it as the equivalent of its face value in FRNs.

The fact that Media Bypass magazine, which had been running display ads for Norfed every month, and puff pieces every other issue (its editor at that time was somehow tied in with Norfed), suddenly announced that it wouldn't accept the Norfed funny money to buy subscriptions, should have been a tipoff.

[idknow]

Originally Posted by Shoonra

Norfed "currency" is funny money. They revalued their coinage this past year, but at the time (about 3 years ago) they were selling a supposed coin claiming it was "fully backed" by its own silver content -- except that, if it were pure silver, it would have a metallic value of a little more than $6 (in FRNs) but they were selling them for $10. In the past year, the rising price of silver has made those "$10" coins worth about $8, so to prevent its customers from getting anything approachingt their money's worth, Norfed inflated its face value to $20. Whether you can actually spend their "currency" is another matter completely: I am sure that no sensible bank or merchant would accept it as the equivalent of its face value in FRNs.

The fact that Media Bypass magazine, which had been running display ads for Norfed every month, and puff pieces every other issue (its editor at that time was somehow tied in with Norfed), suddenly announced that it wouldn't accept the Norfed funny money to buy subscriptions, should have been a tipoff.

why is silver being revalued? it's supposed to be a constant! based on law

crapeth.

[Shoonra]

Since silver is no longer the measure of the US dollar, its value floats (or sinks) according to demand for the metal in the international marketplace. Primarily silver is no longer used for money but for electronics, medical equipment, jewelry, dinnerware, and ornamentation. Therefore its price on the international markets fluctuates (mostly upward, but not always).

IF the US dollar was tied to silver, as it once was, then we'd be much worse off. America mines virtually no silver right now; most of it comes from foreign countries, some of them not at all sympathetic to the US.