The inherent honour of making a promise is that the individual should fulfill it. By tendering a valid form of payment in the shape of a Promissory note made payable on demand to the bearer, the individual is fulfilling his promise, under the Bills of Exchange Act, 1882: this act is the cornerstone of the financial system under and through which the licenced credit broker (the mortgage company/’bank’) creates the credit which is used to buy the house in the first place.
That is a fact that the ‘bank’ cannot get round –
Part IV Promissory Notes
83 Promissory note defined.
(1) A promissory note is an unconditional promise in writing made by one person to another signed by the maker, engaging to pay, on demand or at a fixed or determinable future time, a sum certain in money, to, or to the order of, a specified person or to bearer.
(2) An instrument in the form of a note payable to maker’s order is not a note within the meaning of this section unless and until it is indorsed by the maker.
(3) A note is not invalid by reason only that it contains also a pledge of collateral security with authority to sell or dispose thereof.
(4) A note which is, or on the face of it purports to be, both made and payable within the British Islands is an inland note. Any other note is a foreign note.
84 Delivery necessary.
A promissory note is inchoate and incomplete until delivery thereof to the payee or bearer.
85 Joint and several notes.
(1) A promissory note may be made by two or more makers, and they may be liable thereon jointly, or jointly and severally according to its tenour.
(2) Where a note runs “I promise to pay” and is signed by two or more persons it is deemed to be their joint and several note.
86 Note payable on demand.
(1) Where a note payable on demand has been indorsed, it must be presented for payment within a reasonable time of the indorsement. If it be not so presented the indorser is discharged.
(2) In determining what is reasonable time, regard shall be had to the nature of the instrument, the usage of trade, and the facts of the particular case.
(3) Where a note payable on demand is negotiated, it is not deemed to be overdue, for the purpose of affecting the holder with defects of title of which he had no notice, by reason that it appears that a reasonable time for presenting it for payment has elapsed since its issue.
87 Presentment of note for payment.
(1) Where a promissory note is in the body of it made payable at a particular place, it must be presented for payment at that place in order to render the maker liable. In any other case, presentment for payment is not necessary in order to render the maker liable.
(2) Presentment for payment is necessary in order to render the indorser of a note liable.
(3) Where a note is in the body of it made payable at a particular place, presentment at that place is necessary in order to render an indorser liable; but when a place of payment is indicated by way of memorandum only, presentment at that place is sufficient to render the indorser liable, but a presentment to the maker elsewhere, if sufficient in other respects, shall also suffice. https://www.legislation.gov.uk/ukpga/Vict/45-46/61/part/IV
In yesterday’s article, I provided a number of citations, including those of Professor Richard Werner which testify to the unassailable validity of this all-encompassing legislation, which is relevant to each and every English speaking country around this realm and even India.
The financial ring that controls it all is not backed by anything other than the Promise to Pay on the simple basis that the currency is all fiat – meaning it is not backed by anything of substance. In the case of the ‘UK”, the gold standard upon which the Great British Pound was backed was removed in 1931. The Bank of England has openly stated this is the case and that,
Debt consists mainly of debt securities and bank loans, but also includes trade credits, currency and deposits and loans by multilateral institutions. P31, https://www.bankofengland.co.uk/-/media/boe/files/quarterly-bulletin/2008/quarterly-bulletin-2008-q1.pdf
Credit Where Credit is Due
In the above cited first quarterly bulletin from the Bank of England, the author, Charles Bean, Chief Economist and Executive Director for Monetary Policy, Bank of England states in his conclusion,
Summary and conclusions
Let me try to pull together some of my central themes.
I have stressed that we should take care to avoid talking about money when we mean credit. In a similar spirit, we should be clear when we mean total credit and when bank lending, but without assuming the two are divorced.
Notice how he conflates credit and lending when the two are manifestly not the same thing. This is the sleight of hand that underpins the operations of the credit facilitators and it is what Woodrow Wilson was lamenting some time after he had signed the Federal Reserve Act of 1913 which placed credit-creation in the hands of the Rothschilds and their associates. Any country with a ‘Central’ Bank is under the same octopus of control,
“I am a most unhappy man. I have unwittingly ruined my country. A great industrial nation is controlled by its system of credit. Our system of credit is concentrated. The growth of the nation, therefore, and all our activities are in the hands of a few men. We have come to be one of the worst ruled, one of the most completely controlled and dominated Governments in the civilized world no longer a Government by free opinion, no longer a Government by conviction and the vote of the majority, but a Government by the opinion and duress of a small group of dominant men.”
Naturally, the question which should arise in the mind of anyone who has a mortgage over his home is this: should I deliver a promissory note to my mortgage company in order that it be deposited in a special account from which the credit can be created to zero the balance on my void mortgage?
Well, why not? After all, the entire racket is predicated on the promise to pay, as set in stone by the Bills of Exchange Act, 1882, and, irrespective of the cogniitve dissonance of the ‘bank’ staff, it is a lawful remedy that is available to us all. Were that not the case, there would be no dead pledge – mortgage – in the first place.
I would also add that it is important to stay in honour – tendering a valid form of a deposit in the shape of a negotiable instrument called a Promissory Note to settle a purported debt is, in my view, an entirely honourable act, as exemplified by the Bills of Exchange Act, 1882.
Should you deliver the note to the CEO of the lender and some bean counter at the ‘bank’ claims that they cannot accept it, then they are lying to you. Further, in each instance, the note will not be returned to you. Why? It has value.
Either way, you have them by the short and curlies – after all, when a valid payment is refused, the debt is discharged.
Quite literally, you have nothing to lose.
Anyone wanting assistance is welcome to drop me a line and keep your eyes open for an upcoming Webinar in which I will expand further on this most interesting of possibilities.
Many thanks to all those who have helped to keep my work going via their donations through the ‘Buy me a Coffee’ button. I am currently banned from accessing my Faceborg account and Google/YouTube is preventing me uploading my latest RogueCast, so please like and share this post as far and wide as you are able and be sure to subscribe to the Rogue Male email list for all notifications.
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Thanks for this I am fighting my mortgage lenders and this is also a string to my bow.
Keep up the great work
You’re most welcome, Gordon – the pen is mightier than the sword.
Hi, I would like to get in touch as I do need a bit of help with all that. What’s the best way to contact you? We would love nothing more to support a change and my partner, I and our kids would be more than grateful for some help.