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Words from the Rising Republics


RECOUPMENT § 7-3-305. Defenses and Claims in Recoupment.

§7-3-305c An obligor is not obliged to pay the instrument if the person seeking enforcement of the instrument does not have rights of a holder in due course and the obligor proves that the instrument is a lost or stolen instrument.

15 U.S. Code § 1635 - Right of rescission as to certain transactions

(3) Right of recoupment under State law

Nothing in this subsection affects a consumer’s right of rescission in recoupment under State law.

§ 7-3-501(b)(2). PRESENTMENT.

       Surrender the instrument if full payment is made.

In contract law, rescission has been defined as the unmaking of a contract between parties. Rescission is the unwinding of a transaction. This is done to bring the parties, as far as possible, back to the position in which they were before they entered into a contract (the status quo ante).

BY OPERATION OF LAW means that the only way it can be avoided is by getting a due process court order.

Recoupment: To recover a loss by a subsequent gain. In Pleading, to set forth a claim against the plaintiff when an action is brought against one as a defendant. Keeping back of something that is due, because there is an equitable reason to withhold it. A right of the defendant to have a deduction from the amount of the plaintiff's damages, for the reason that the plaintiff has not complied with the cross-obligations or independent covenants arising under the same contract.

GAAP. On bank’s financial statement all loans are considered assets. The customers promissory note is a liability which it must surrender if full payment is made.  

             On private customer of the bank books, the loan is a liability that must be paid to the bank, the promissory note given the bank is an asset that the bank must return. (Paid-in-Full).            

Recoupment is the return to each his classified asset. The loan is returned to the bank, promissory note returned to borrower.

American Jurisprudence 2d  § 618. Liability for wrongful repossession

It has been said that where the creditor improperly refuses to accept payment of the debt, the creditor is estopped from repossessing the collateral on the basis that the debtor is in default, a conversion action is especially appropriate where wrongful repossession is at issue. (See Chesterton State Bank v Coffey (Ind App) 454 NE2d 1233.)

Above are laws ignored by Circuit Judge Kimberly Clark who ruled after the agreement had been canceled for rescission. With the ignored laws, the borrower was prohibited from selling the Holman House property even when earnest money was paid by the purchaser who then backed out because there was a “cloud” over the title since there was a mortgage with a “Criminal Enterprise”, Wells Fargo Bank, N.A.

Full payment was refused by Wells Fargo even though there were more than adequate deposits on hand in their Bank. Why? Because the “Criminal Enterprise” could produce no authenticated evidence of debt. Wells Fargo just pretended to having made the loan. The IRS was told recently that Freddie Mac was, in fact, the lender. Only the holder in due course can foreclose. Quiet title!

Words from the Rising Republics


Hindsight 20/20


By Bruce Wiseman Thursday, March 19, 2009

Greenspan had been the Fed Chairman for seven years when, in 1994, a bill called the Community Reinvestment Act (CRA) was rewritten by Congress. The new version had the purpose of providing loans to help deserving minorities afford homes. Nice thought, but the new legislation opened the door to loans that set aside certain lending criteria: little things like a down payment, enough income to service the mortgage and a good credit record.

With CRA’s facelift, we have in place two of the five elements of the perfect financial storm: Alan (Easy Money) Greenspan at the helm of the Fed and a piece of legislation that turned mortgage lenders into a division of the Salvation Army.

Perhaps you can see the pot beginning to boil here. But the real fuel to the fire was yet to come.


To understand the third element of the storm, we travel back in time to the Great Depression and the 1933 passage of a federal law called the Glass-Steagall Act. As excess speculation by banks was one of the key factors of the banking collapse of 1929, this law forbade commercial banks from underwriting (promoting and selling) stocks and bonds.

That activity was left to the purview of “Investment Banks” (names of major investment banks you might recognize include Goldman Sachs, Morgan Stanley and the recently deceased Lehman Brothers).

Commercial banks could take deposits and make loans to people.

Investment banks underwrote (facilitated the issuing of) stocks and bonds.

To repeat, this law was put in place to prevent the banking speculation that caused the Great Depression. Among other regulations, Glass-Steagall kept commercial banks out of the securities.

Greenspan’s role in our not-so-little drama is made clear in one of his first speeches before Congress in 1987 in which he calls for the repeal of the Glass-Steagall Act. In other words, he’s trying to get rid of the legislation that kept a lid on banks speculating in financial markets with securities.

He continued to push for the repeal until 1999 when New York banks successfully lobbied Congress to repeal the Glass-Steagall Act. Easy-Money Alan hailed the repeal as a revolution in finance.

Yeah, Baby!

A revolution was coming.

With Glass-Steagall gone, and the permissible mergers of commercial banks with investment banks, there was nothing to prevent these combined financial institutions from packaging up the subprime CRA mortgages with normal prime loans and selling them off as mortgage-backed securities through a different arm of the same financial institution. No external due diligence required.

You now have three of the five Horsemen of the Fiscal Apocalypse: Greenspan, CRA mortgages and repeal of Glass-Steagall.

That was a short time ago.

What now?

Ship American jobs overseas.

Encourage more debt and larger homes and unlimited credit card use. In three years when the jobs are lost, foreclose on real property bought with worthless printing press “bail-out money” so that the elite dictators can eat out the substance of the people.

Attire the apathetic in designer clothing. Take IN GOD WE TRUST off the paper money and in the pledge of allegiance.

There can now be no “wrath of god”. Tornado, hurricanes, volcanos, natural disasters and mass murder are all normal behavior, not manufactured crisis for enslavement. We ascended from animals. Situation ethics is to be worshiped. Who cares?

A slave culture will be complete when there arises a champion liar, Marxist leaning leader.

The Declaration of Independence canceled any notion that kings ruled by Divine Right. The Prince of this World could only offer bondage. God gave each of his creation the opportunity to be free simply by accepting His plea, a free gift or remedy provided the remedy was accepted, from the heart, within a specified length of time. After death, one who refused the free remedy has an eternal hell to pay.

The Constitution granted freedom governed through “public Law”. Since 1933, all Americans are today governed by “public policy”. Rid yourself of “default thinking” and embrace “future based thinking” where freedom alone prevails.