When a purported borrower takes out a loan from a bank, it may appear that the bank is lending its own money. However, under 12 U.S.C. § 83, banks are prohibited from lending their own funds. Instead, they use the purported borrower’s promissory note as collateral to create credit, not using their own capital. This process lacks transparency, leading to non-disclosure and fraud, which may render such agreements void ab initio (invalid from the outset).
A bill of exchange can function as "legal tender" or "tender of payment," but its status depends on acceptance and context but regardless, if tendered correctly, it does discharge the debt and respective amount tendered. It is a written instrument where one party (the drawer) orders another (the drawee) to pay a specific amount to a third party (the payee). While bills of exchange can be negotiable, they can also be non-negotiable, meaning they don’t always transfer ownership upon indorsement.
The Uniform Commercial Code (UCC) governs commercial transactions in the United States, providing a standardized set of laws for dealings involving the sale of goods, leasing of goods, negotiable instruments, secured transactions, and other commercial activities. It is one of the most important frameworks for regulating commercial law across different states.
When it comes to protecting your personal or business assets, becoming a secured party under the Uniform Commercial Code (UCC) provides the legal framework to gain full control over your property. By filing the appropriate documentation, you ensure that your interests are legally recognized and protected from claims by third parties. Here’s how you can become a secured party in three essential steps:
Did the fraudulent Car Dealership, Mortgage Company, or Utility Company tell you? You can tender payment via a bill of exchange, dollars/FRNs/portable bonds, checks and/or money orders (pubic and private), drafts, orders, and more!