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Tag Archives: sample: commercial security agreement

Uniform Commercial Code (Application and Use of Commercial Law) part 3

20 Wednesday Jun 2012

Posted by eowyndbh in Uncategorized

≈ 6 Comments

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Balancing your treasury account, commercial security agreement, indemnity bond, sample: commercial security agreement, sample: Indemnity bond, sample: Schedule A of Indemity bond, schedule A of indemity bond

(For Frank ‘Austin’ England III) 
(Blog Masters Note: Continuing with the ‘Commercial Security Agreement’)
 

SUBORDINATION OF DEBTOR’S DEBTS TO SECURED PARTY 

Providing Secured Party, subsequent to the execution of this Agreement, perfects his security interest in the Collateral by appropriate registration, Debtor agrees that its indebtedness to the Secured Party, whether now existing or hereafter created, shall have priority over unregistered claims that third parties may raise against Debtor or the Collateral, whether or not Debtor becomes insolvent. Debtor hereby expressly subordinates any claim Debtor may have against Secured Party, upon any account whatsoever, to the claim Secured Party has or will have against the Debtor.

If Secured Party so requests, all notes or credit agreements now or hereafter established evidencing debts or obligation of Debtor to third parties, shall be marked with a legend that the same are subject to this Agreement and shall be delivered to Secured Party. Debtor agrees, and Secured Party hereby is authorized, in the name of the Debtor, to execute and file such financing statements and other commercial statements, as Secured Party deems necessary or appropriate to perfect, preserve, and enforce his rights under this Agreement.

DEFAULT

The following shall constitute Event(s) of Default hereunder:

1. failure by the Debtor to pay a debt secured hereby when due;

2. failure by the Debtor to perform an obligation secured hereby when required to be performed;

3. breach by the Debtor of a warranty contained in this Agreement;

4. evidence that a statement, warranty, or representation made or implied in this Agreement by Debtor, is false or misleading in any material respect, either now or at the time made or furnished;

5. evidence that this Agreement or a document of title is void or ineffective;

6. dissolution or termination of Debtor’s existence as a legal entity, the insolvency of Debtor, the appointment of a receiver for all or any portion of Debtor’s property, an assignment for the benefit of public creditors, or the commencement of proceedings under bankruptcy or insolvency laws by or against Debtor;

7. commencement of foreclosure, whether by action of a tribunal, self-help, repossession, or other method, by a creditor of Debtor against the Collateral;

8. garnishment of Debtor’s deposit accounts or employment.

Cure of Default. If a fault or dishonor under this Agreement is curable through an account held by Debtor but managed by the United States or one of its subdivisions, agents, officers, or affiliates, such fault or dishonor may be cured by the Debtor with authorization by Secured Party; and upon advice by the fiduciary that the fault or dishonor has been cured, and no Event of Default will have occurred. A dishonor under this Agreement, initiated by third party intervention, will not cause a default if such intervention is challenged by Debtor by its good faith effort to confirm or disprove the validity or reasonableness of a public claim which is the basis of the public creditor’s proceeding; but Debtor must, in that event, deposit such surety with Secured Party as is necessary to indemnify the Secured Party from loss. 

Acceleration. In the Event of Default, Secured Party may declare the entire indebtedness, immediately due and payable without notice.

Liquidation of Collateral. In the Event of Default, Secured Party shall have full power to privately or publicly sell, lease, transfer, or otherwise deal with the Collateral or proceeds or products therefrom, in his own name or in the name of the Debtor. All expenses related to the liquidation of Collateral shall become a part of the Debtor’s indebtedness. Secured Party may, at his discretion, transfer part or all of the Collateral to his own name or to the name of his nominee.

Rights and Remedies. The Secured Party shall have all the rights and remedies of a secured creditor under the provisions of the Uniform Commercial Code as it has been adopted in the State where part or all of the Collateral is located or presumed to be located, including but not limited to, the right to proceed with self-help with or without a public court or tribunal. Rights and remedies available to Secured Party may be exercised singularly or jointly and in all venues and jurisdictions concurrently at the sole discretion of the Secured Party.

MISCELLANEOUS PROVISIONS

Amendments. This Agreement, together with all related documents, constitutes the entire understanding and agreement of the Parties as to the matters set forth in this Agreement. No alteration of or amendment to this Agreement shall be effective unless expressed in writing and signed by both Parties.

Applicable Law. The governing law of this Agreement is the agreement of the Parties, supported by the Uniform Commercial Code as adopted by the legislature of the State of North Carolina, international contract law, the unwritten Law Merchant as practiced before the Uniform Commercial Code was promulgated, and applicable maxims of law. Expenses. Debtor agrees to pay upon demand, from such accounts as Debtor may have, all Secured Party’s costs and expenses, including reasonable attorney’s fees and other expenses incurred by the Secured Party to defend or enforce the provisions of this Agreement.

Indebtedness. The word “indebtedness” means the indebtedness evidenced by this Agreement as a claim against the Debtor and all its present and future possessions identified in this Agreement as Collateral; and all public obligations, debts, and liabilities ascribed to Debtor through its contracts and agreements, whether expressed or implied, known or unknown, or actual or constructive, that are with the United States or its subdivisions, agents, officers, affiliates, or other public entities; and all claims made by Secured Party against Debtor, whether existing now or in the future, whether they are voluntary or involuntary, due or not due, direct or indirect, absolute or contingent, liquidated or unliquidated, regardless of whether Debtor is or may be liable individually or jointly, or is obligated as, or beneficiary of, a surety or accommodation party.

Related Documents. The phrase “related documents” means all promissory notes, credit agreements, loan agreements, guaranties, security agreements, mortgages, deeds of trust, applications, accounts, licenses, policies, permits, identification cards, account cards, receipts, forms, and all other documents and instruments that Debtor or its previous surety has or will execute in connection with the Debtor’s total indebtedness.

Notices. Except for revocation notices by Debtor, all notices required to be given by either Party under this Agreement, shall be in writing and shall be effective when actually delivered or when deposited with the United States post office or a nationally recognized courier service, first class postage prepaid, addressed to the Party to whom the notice is to be given at the address shown on this Agreement or to such other address as either Party may designate to the other in writing.

Severability. If one or more provisions of this Agreement shall be held to be invalid or unenforceable for any reason, the remaining provisions shall continue to be valid and enforceable. If a qualified court finds that one or more provisions of this Agreement is invalid or unenforceable, but that by limiting such provision(s) it would become valid or enforceable, such provision(s) shall be deemed to be written, construed, and enforced as so limited. In the event that such a finding and limitation causes damage or hardship to either Party, the Agreement shall be amended in a lawful manner to make all Parties whole.

Waiver of Contractual Right. The failure of either Party to enforce one or more provisions of this Agreement shall not be construed as a waiver or limitation of that Party’s right to subsequently enforce and compel strict compliance with every provision of this Agreement. Secured Party shall not be deemed to have waived rights under this Agreement unless such waiver is given in writing and signed by Secured Party. No delay or omission on the part of Secured Party in exercising a right shall operate as a waiver of such right or any other right. A waiver by Secured Party of a provision of this Agreement shall not prejudice or constitute a waiver of Secured Party’s right otherwise to demand strict compliance with that provision or any other provision of this Agreement. No prior waiver by Secured Party, nor any course of dealing between Secured Party and Debtor shall constitute a waiver of Secured Party’s rights or of Debtor’s obligations under this Agreement as to future transactions. Whenever the consent of Secured Party is required under this Agreement, the granting of such consent by Secured Party in one instance shall not constitute consent over the whole.

Ambiguities and Interpretation. Each Party acknowledges receipt of this Agreement and has had the opportunity to have counsel review it, and that any rule of construction claiming ambiguities are to be resolved against the drafting Party, shall not apply in the interpretation of this Agreement or its amendments. All statements in this instrument are important to the Parties. Misunderstandings have been resolved prior to execution.

Authority to Represent. A signer of this Agreement on behalf of a legal entity certifies that he has the authority to sign this Agreement and that this transaction has been duly authorized by such entity.

Gender. All references within this Agreement to a specific gender, include the other.

____________________________________

JOHN HENRY DOE John Henry Doe

a Legal Entity a man

See attached: Schedule A and Indemnity Bond

SCHEDULE A

This Schedule A dated the _____ day of ____________, 2000, is attached to and incorporated in the attached Security Agreement dated the same date, as though fully set forth therein. The following partial itemization of property constitutes a portion of the Collateral referenced in said Security Agreement, and is not intended to represent the actual and full extent of said Collateral. This Schedule A supplements previous security agreements describing collateral, that may have been entered by the same parties.

a. Income from every source

b. Proceeds of Secured Party’s labor from every source

c. Application for STATE OF CALIFORNIA CERTIFICATION OF BIRTH # 1907 5396, and all other Certificates of Birth, Certificates of Living Birth, Notifications of Registration of Birth, or Certificates of Registration of Birth, or otherwise entitled documents of birth — whether County, State, Federal, or other — either ascribed to or derived from the name of the DEBTOR identified above, or based upon the above described birth document.

d. Application for Social Security #(SS# without dashes)

e. Treasury Posted Registered Account # R792 407 568

f. United States of America Passport # 051870157

g. Arizona Driver License # B11176728

h. Personal Treasury Direct Account # R 792 407 568 – (SS# without dashes)

 

All property belonging to the DEBTOR

INDEMNITY BOND

Know all men by these presents, that JOHN HENRY DOE, the Debtor, hereby establishes this Indemnity Bond in favor of John Henry Doe, the Secured Party, in the sum of present and future Collateral Values up to the sum of One hundred billion United States Dollars ($100,000,000,000), for the payment of which bond, the Debtor hereby firmly binds its successors, heirs, executors, administrators, DBA’s, AKA’s, and third-party assigns, jointly and severally.

The Debtor hereby indemnifies the Secured Party against losses incurred as a result of all claims of debts or losses made by any and all persons against the commercial transactions and investments of the Debtor. The condition of this bond is that Secured Party covenants to do certain things on behalf of the Debtor, as set forth in the attached Security Agreement of the same date and executing Parties; and Debtor covenants to serve as a transmitting utility to assure beneficial interest in all accounts established and managed by the United States, and all goods and services in commerce, are available to or conveyed from Debtor to Secured Party, whichever is appropriate.

To avert losses of vested rights in the present or future collateral that is the subject of the attached Security Agreement, Debtor agrees to make available to the Secured Party, such accounts established by intent of the Parties, by operation of law, and/or as constructive trusts, to hold proceeds arising from assets belonging to the Debtor, and administered by the United States or its subdivisions, agents, or affiliates. Pursuant to existing laws of the United States and the agreement of the Parties of the attached Security Agreement, the Secured Party is authorized to assign such funds from said accounts as are necessary to settle all past, present, and future public debts and obligations incurred by the Debtor on behalf of the Secured Party.

The Debtor, without the benefit of discussion or division, does hereby agree, covenant, and undertake to indemnify, defend, and hold the Secured Party harmless from and against any and all claims, losses, liabilities, costs, interests, and expenses, including without restriction, legal costs, interests, penalties, and fines previously suffered or incurred, or to be suffered or incurred by the Secured Party, in accordance with the Secured Party’s personal guarantee with respect to loans or indebtedness belonging to the Debtor, including any amount the Debtor might be deemed to owe to a public creditor for any reason whatsoever.

The Secured Party shall promptly advise the Debtor of all public claims brought by third parties against the present or future property of the Debtor, all of which is covered by the attached Security Agreement up to the indemnification amount declared herein, and to provide the Debtor with full details of said claim(s), including copies of all documents, correspondence, suits, or actions received by or served upon the Debtor through the Secured Party. Secured Party shall fully cooperate with discussion, negotiation, or other proceedings relating to such claims.

This bond shall be in force and effect as of the date it is signed and accepted by the Parties, and provided that Secured Party may cancel this bond and be relieved of further duty hereunder by delivering a thirty (30) day written Notice of Cancellation to the Debtor. No such cancellation shall affect the liability incurred by or accrued to Secured Party prior to the conclusion of said thirty (30) day period. In such event of Notice of Cancellation, and in the event the United States reinstitutes its constructive claim against the Collateral, the Debtor agrees to reissue the bond before the end of the thirty (30) day period for an amount equal to or greater than the above value of the attached Security Agreement, unless the Parties agree otherwise.

Done this ____ day of ______________, _______

______________________________________ _______________________________________

Indemnitor, JOHN HENRY DOE Indemnitee, John Henry Doe

(End of sample)

BALANCING YOUR ACCOUNT WITH THE U.S. TREASURY

The “government” or specifically the INTERNAL REVENUE SERVICE keeps an account for your strawman corporation from the time you were born until the time you die. That is all the strawman really is – an account, an accounting of the commercial transactions of the credit that you as the creditor gives to UNITED STATES.

The IRS calls the summary of entries made to this account your Individual Master File (IMF). This file is an account of what the strawman has “done” so that they can put a value on the criminal “charges” that they are claiming, such as a rum runner in Puerto Rico, an arms dealer in Iran, or a drug dealer in Malaysia. That is how they “charge your account” and that is why you have never been “charged” with these crimes – the debtor, the strawman, the corporation has. These “charges” represent millions of dollars worth of U.S. Treasury Bonds to the foreign corporation we fondly call UNITED STATES.

As you might guess, depending on the crimes and the assigned values, this balance is a continuing deficit to the debtor and at first glance it would be an overwhelming feeling to know that if you think you are the debtor, you could owe millions, if not hundreds of millions. But, you must ask yourself this question, “who is the creditor to this debtor”? Is it the UNITED STATES, the FEDERAL RESERVE BANK, or INTERNATIONAL MONETARY FUND? I think you know the answer. They are “pretending” to be the creditors, but did they give the substance or did you?

Then why are they getting the interest (taxes) for the credit units that WE have supplied to the corporations? Shouldn’t the corporations be paying the interest to us? How did this get turned upside down where the head is the tail and the tail is now the head? Turn to Deuteronomy 28 and read it, but specifically 43, 44 & 45;

The stranger that is within you shall get up above you very high; and you shall come down very low. He shall lend to you and you shall not lend to him; he shall be the head, and you shall be the tail. Moreover all these curses shall come upon you, and shall pursue you, and overtake you, till you be destroyed; because you hearkened not unto the voice of the Lord your God, to keep his commandments and his statues which he commanded you:

Now that you can visualize the countless number of “charges” that have been entered on your strawman account by the IRS, what can you do about it? You can balance your account by ACCEPTANCE FOR VALUE.

The main reason why you must do this action is to keep this account at a zero balance so that you can discharge all of your debt that you CAN see.

Drill. 1. Set up your Treasury Account and discharge the debt in the name of the strawman corporation. 

You will have to get a copy of your birth certificate and accept that for value. This is the document that the state issued for the purpose of creating an artificial person in your upper case name with an account so that the state could keep an accounting record of all the debt that has been assigned to that “person.”

2. While you are waiting for your copy of your birth certificate, you will have to make an invoice like they would have “if” they were able to give one to you. Since they will never do this, you will make one up yourself based on the birth certificate as this is the actual document evidencing that the strawman account really exists. This is the bill, the charge, the evidence of debt. Do not put an amount in the space provided, because you do not know how much they have entered into your account. Leave this blank and let them fill this amount in. Now that you have the bill, the evidenced the debt, you need to discharge it. You will do this by means of a set-off, a cancellation of mutual debt, an exchange, a BILL OF EXCHANGE. Replace the generic data with your information and again DO NOT ENTER AN AMOUNT. Then sign the document.

3. Next compose the cover letter that you will send to Paul H O’Neill, not the US Secretary of Treasury. The reason is that you, as a soveran in the private venue, cannot see or recognize a fiction whether it be a corporation or an office. You can only see or deal with the real man or woman. This is a “private” contract between you the creditor and Paul H O’Neill, you agent for the bankruptcy to cancel the debt.

4. Go to your local IRS and get a 1040ES (Estimated Tax) Form and fill it out, but DO NOT sign it or fill in the AMOUNT. Again you do not know how much it is so let them fill it out. When they figure out how much the total debt is they will then pay themselves by using this form.

5. When you get your birth certificate, you will need to make a transparency for it. This consists of printing out the page that says Non-Negotiable CHARGEBACK on it. Take it down to a Mailboxes Etcs. and have them make RED transparency of it. Then situate the CHARGEBACK transparency on the birth certificate and have them make a color copy of it. Fill in the blanks appropriately.

6. While you are at the copy place, take your UCC-1 and make a copy of it also. Copy only the Financing Statement NOT the entire Security Agreement and attachments.

7. Now that you have the whole package, make a copy of the entire package which should include;

a.Cover letter to Paul H O’Neill

b. Invoice

c. BILL OF EXCHANGE

d. Copy of birth certificate with CHARGEBACK stamp

e. Copy of your UCC-1 Financing statement.

f. 1040ES

9. Send the contents registered mail return reciept so that you know that someone has signed for it.

10. After you have received the green reciept back, wait 30 days and if you have not heard back then they have consented to all that you have requested.

Following are the documents that you will need to complete this particular process. You will not use this account again, but the debt with the strawman will have a zero balance. You will set up a new account with Paul O’Neill every time you discharge a debt and then close that account again.

MAY 15, 2000

Paul H O’Neill , Secretary

US Department of the Treasury

1500 Pennsylvania Avenue, NW

Washington, DC 20220

Re: Non-Negotiable Charge Back

Mr. O’Neill:

Enclosed you will find a copy of the Registered Security which I have sent to you to open my Treasury Direct Account. I accept for value all related endorsements with both UCC 3-419 and HJR-192 of June 5, 1933. Charge my Treasury Direct Account # R987654321-123456789 for the registration fees and command the memory of account number 123456789 to charge the same to the debtor’s Order or your Order.

The total amount of this NON-NEGOTIABLE ACCEPTANCE FOR VALUE in the enclosed filing is $ ___________________.

Posted Certified Account # R987654321

Invoice: # JHD12252000-R987654321

Pre-paid – Preferred Stock

Priority – Exempt from Levy

Res/ln Rem.

_____________________________________

John Henory Doe via JOHN HENORY DOE

? ANYHOUSE IN SOME TOWN

ANYTOWN,ANY STATE WITH A ZIP

Employer Identification Number: 123456789

Attachments:

1. INVOICE # JHD12252000-R987654321

2. Non-Negotiable Bill of Exchange

3. Copy of UCC-1

4. Copy of Birth Certificate

5. 1040 ES FORM

Cc: file

INVOICE#:JHD12252000-R987654321

MAY 15, 2000

Non-Negotiable

Charge Back

Paul H O’Neill , Secretary

Department of the Treasury

1500 Pennsylvania Avenue, NW

Washington, DC 20220

NON-NEGOTIABLE

Attention: Paul H O’Neill , Respondent

This constitutes notice that, re. The enclosed, the Undersigned, John Henory Doe, herewith accepts for value all related endorsements, front and back, in accordance with Uniform Commercial Code, “UCC” 3-419, and House Joint Resolution 192 of June 5, 1933 and UCC §§ 1-104, 10-104. Charge Treasury Direct Account #R987654321-123456789 of the Undersigned for appropriate registration fees and command the memory of account number 123456789 to charge the same to the Debtor’s Order, or to Respondent’s Order.

The total amount of this NON-NEGOTIABLE ACCEPTANCE FOR VALUE in the enclosed filing is any amount Dollars, $ any amount.

Please adjust the Undersigned’s Treasury Direct Account and send a summary statement of said adjusted account to the Undersigned within thirty (30) days of receipt of this NOTICE.

In the event Respondent requires further information or assistance from the Undersigned, please write to the Undersigned at the mailing location provided herein and herewith.

Sincerely, ______________________

John Henory Doe via JOHN HENORY DOE

? SOMEPLACE ON A STREET

Some city,in anystate with a ZIP

Posted Certified: Account # R987654321

Invoice: # JHD12252000-

R987654321

Employer Identification Number: 123456789

Non-Negotiable

Charge Back

Paul H O’Neill or Office Holder

Secretary of the Treasury

John Henory Doe accepts for value all related endorsements, front and back, in accordance with Uniform Commercial Code 3-419 and House Joint Resolution 192 of June 5, 1933. Charge Treasury Direct Account Number R987654321-123456789 for the registration fees and command the Memory of account number 123456789 to charge the same to the Debtor’s Order or the Order of Paul H O’Neill or Office Holder.

Employer

Identification

#123456789

Pre-Paid –

Preferred Stock

Priority – Exempt form Levy

Posted Registered Account # R987654321 _________________________________

Invoice: # JHD12252000-R987654321 John Henory Doe

NON-NEGOTIABLE

  

BILL OF EXCHANGE

Exempt from Levy Posted Registered Account # R987654321

Preferred Stock

Purpose: CHARGEBACK

Name on Account: JOHN HENORY DOE

Personal Treasury Direct Account # R987654321-123456789

Amount: ______________

Respondent: Paul H O’Neill

Attached please find Invoice # JHD12252000-R987654321 and a copy of the undersigned’s non-negotiable acceptance for value of the attached CERTIFICATE OF BIRTH, representing the original birth document wherever it may be at this time, with all related endorsements, front and back, and correlating numbers, in accord with UCC 3-419, relying on UCC 1-104 and 10-104. Said accepted Certificate of Birth, original document of title, and related numbers are included in and are part of the Undersigned’s commercial agreements.

1. Please charge back _____________________ to the JOHN HENORY DOE’S Treasury Direct Account # R987654321-123456789, Deducting the fees necessary to secure and register this tax exempt priority exchange for the purpose of discharging a public liability, for this priority exchange to discharge the public liability. Please command the memory of account # 123456789 to charge the same certain sum of money to the Debtor’s Treasury Direct Account named above, after the necessary fees have been deducted.

2. The posted registered account # R987654321, which is part of the undersigned’s tax estimate, is directed for priority use for the Republic as referenced in Article Four Section Four of the Constitution for the United States, and is in accord with public policy House Joint Resolution 192 of June 5, 1933, for discharge of the public debt.

3. Please take the Undersigned’s Banker’s Acceptance of the attached Article Seven receipt, in exchange for the tax exempt priority. This non-negotiable BILL OF EXCHANGE is presented to the Respondent to the Federal Window, for settlement within the three-day Truth and Lending time for settlement of retail agreements.

4. With this posted transaction, the charge back documented by the enclosed forms, for use by the Republic is complete. Failure of the Respondent to notice the Undersigned of his refusal or inability to timely adjust said Treasury Direct Account within thirty(30) days of receipt of this instrument, shall constitute confirmation that said account has been adjusted as requested herein.

Should additional information or assistance be required to comply with this request, please direct inquiries to the Undersigned at the mailing location provided below.

Sincerely,

_____________________________

Dated:___________________.

John Henory Doe via JOHN HENORY DOE Employer Identification # 123456789

? 0119 N. Broadway Pre-Paid – Preferred Stock

Tucson, Arizona 85799 Priority – Exempt from Levy

 

Attachments

Following is a speech by Representative Traficant who Reports On The Bankruptcy Of The United States,United States Congressional Record, March 1, 1993 VOL. 33, page H-1303 The Speaker – Rep. James Traficant, Jr. (Ohio) addressing the House. Several people have looked in Law Libraries for the above speech and references, however the documents can not yet be located, therefore this is not verified and cannot be stated as fact. However, Travicant’s speech is very eloquent, to the point and can be supported with other documented facts.

Mr. Speaker, we are here now in chapter 11. . . Members of Congress are official trustees presiding over the greatest reorganization of any Bankrupt entity in world history, the U.S. Government. We are setting forth hopefully, a blueprint for our future. There are some who say it is a coroner’s report that will lead to our demise.

It is an established fact that the United States Federal Government has been dissolved by the Emergency Banking Act, March 9, 1933, 48 Stat. 1, Public Law 89-719; Declared by President Roosevelt, being bankrupt and insolvent. H. J. R. 192, 73rd. Congress in session June 5, 1933 – Joint Resolution To Suspend The Gold Standard and Abrogate The Gold Clause dissolved the Sovereign Authority of the United States and the official capacities of all United States Government Offices, Officers and Departments and is futher evidence that the United States Federal Government exists today in name only.

The receivers of the United States Bankruptcy are the International Bankers, via the United Nations, the World Bank and the International Monetary Fund. All United States Offices, Officials, and Departments are now operating within a defacto status in name only under Emergency War Powers. With the Constitutional Republican form of Government now dissolved, the receivers of the Bankruptcy have adopted a new form of government for the United States. This new form of government is known as a Democracy, being an established Socialist/Communist order under a new governor for America. This act was instituted and established by transferring and/or placing the Office of the Secretary of Treasury to that of the Governor of the International Monetary Fund. Public Law 94-564, page 8, Section H. R. 13955 reads in part:”The U.S. Secretary of Treasury receives no compensation for representing the United States?”

Gold and silver were such a powerful money during the founding of the United States of America, that the founding fathers declared that only gold and silver coins can be “money” in America. Since gold and silver coinage were heavy and inconvenient for a lot of transactions, they were stored in banks and a claim check was issued as a money substitute. People traded their coupons as money, or “currency.” Currency is not money, but a money substitute. Redeemable currency must promise to pay a dollar equivalent in gold or silver money. Federal Reserve Notes (FRN’s) made no such promises, and are not “money.” A Federal Reserve Note is a debt obligation of the federal United States government, not “money.” The federal United States government and the U.S. Congress were not and have never been authorized by the Constitution for the United States of America to issue currency of any kind, but only lawful money, – gold and silver coin.

It is essential that we comprehend the distinction between real money, and paper money substitute. One cannot get rich by accumulating money substitutes, one can only get deeper in debt. We the People no longer have any “money.” Most Americans have not been paid any “money” for a very long time, perhaps not in their entire life. Now do you comprehend why you feel broke? Now, do you understand why you are “bankrupt,” along with the rest of the country?

Federal Reserve Notes (FRN’s) are unsigned checks written on a closed account. FRN’s are an inflatable paper system designed to create debt through inflation (devaluation of currency). Whenever there is an increase of the supply of a money substitute in the economy without a corresponding increase in the gold and silver backing, inflation occurs.

Inflation is an invisible form of taxation that irresponsible governments inflict on their citizens. The Federal Reserve Bank who controls the supply and movement of FRN’s has everybody fooled. They have access to an unlimited supply of FRN’s, paying only for the printing costs of what they need. FRN’s are nothing more than promissory notes for U.S. Treasury securities (T-Bills) – a promise to pay the debt to the Federal Reserve Bank.

There is a fundamental difference between “paying” and “discharging” a debt. To pay a debt, you must pay with value or substance (i.e. gold, silver, barter or a commodity). With FRN’s, you can only discharge a debt. You cannot pay a debt with a debt currency system. You cannot service a debt with a currency that has no backing in value or substance. No contract in common law is valid unless it involves an exchange of “good and valuable consideration.” Unpayable debt transfers power and control to the sovereign power structure that has no interest in money, law, equity or justice because they have so much wealth already.

Their lust is for power and control. Since the inception of central banking, they have controlled the fates of nations.

The Federal Reserve System, is based on the Canon law and the principles of sovereignty protected in the Constitution and the Bill of Rights. In fact, the international bankers used a “Canon Law Trust” as their model, adding stock and naming it a “Joint Stock Trust.” The U.S. Congress had passed a law making it illegal for any legal “person” to duplicate a “Joint Stock Trust” in 1873. The Federal Reserve Act was legislated post-facto (1870), although post-facto laws are strictly forbidden by the Constitution. (1:9:3)

The Federal Reserve System is a sovereign power structure separate and distinct from the federal United States government. The Federal Reserve is a maritime lender, and/or maritime insurance underwriter to the federal United States operating exclusively under Admiralty/Maritime law. The lender underwriter bears the risks, and the Maritime law compelling specific performance in paying the interest, or premiums are the same.

Assets of the debtor can also be hypothecated (to pledge something as a security without taking possession of it) as security by the lender or underwriter. The Federal Reserve Act stipulated that the interest on the debt was to be paid in gold. There was no stipulation in the Federal Reserve Act for ever paying the principal.

Prior to 1913, most Americans owned clear, allodial title to property, free and clear of any liens or mortgages until Federal Reserve Act (1913).

“Hypothecated” all property within the federal United States to the Board of Governors of the Federal Reserve, – in which the Trustees (stockholders) held legal title, the U.S. citizen (tenant, franchisee) was registered as a “beneficiary” of the trust via his/her birth certificate. In 1933, the federal United States hypothecated all of the present and future properties, assets and labor of their “subjects,” the 14th. Amendment U.S. citizens, to the Federal Reserve System.

In return, the Federal Reserve System agreed to extend the federal United States corporation all the credit “money substitute” it needed. Like any other debtor, the federal United States government had to assign collateral and security to their creditors as condition of the loan. Since the federal United States didn’t have any assets, they assigned the private property of their “economic slaves,” the U.S. citizens, as collateral against the unpayable federal debt. They also pledge the

unincorporated federal territories, national parks forest, birth certificates, and nonprofit organizations, as collateral against the federal debt. All has already been transferred as payment to the international bankers.

Unwittingly, America has returned to its pre-American Revolution, Feudal roots whereby all land is held by a sovereign and the common people had no rights to hold allodial title to property. Once again, We the People are the tenants and sharecroppers renting our own property from a Sovereign in the guise of the Federal Reserve Bank. We the People have exchanged one master for another.

This has been going on for over eighty years without the “informed” knowledge: Of the American people, without a voice protesting loud enough. Now it’s easy to grasp why America is fundamentally bankrupt.

Why don’t more people own their properties outright?

Why are 90% of Americans mortgaged to the hilt and have little or no assets after all debts and libilities have been paid? Why does it feel like you are working harder and harder and getting less and less?

We are reaping what has been sown, and the result of our harvest is a painful bankruptcy, and a foreclosure on American property, precious liberties, and a way of life. Few of our elected representatives in Washington, D.C. have dared to tell the truth. The federal United States is bankrupt. Our children will inherit this unpayable debt, and the tyranny to enforce paying it.

America has become completely bankrupt in world leadership, financial credit and its reputation for courage, vision and human rights. This is an undeclared economic war. Bankruptcy, and economic slavery of the most corrupt order! Wake up America! Take back your country.

(Blog Masters Note: Federal Administations change, Paul H. O’Neal was Secretary of Treasury when Austin wrote this in 2000.)

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Uniform Commercial Code (The Application of Commercial Law (part-2)

16 Saturday Jun 2012

Posted by eowyndbh in Uncategorized

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5th Amendment, accept for value, acceptance, Bill of Attainder, Bill of Pains and Penalties, conditional acceptance, English Crown, English Crown owns U.S., Foreclosure, Just Compensation, power of acceptance, sample: commercial security agreement, security agreement, security interest, trade name, transactions where UCC does not apply, U.S. Code Title 15 section 44, UCC 1-103, UCC 1-104, UCC 9-105(h), UCC does not apply, UCC-1 Financing Statement, vice-admiralty courts

(For Frank ‘Austin’ England III) 
 

Uniform Commercial Code

The National Conference of Commissioners on Uniform State Laws together with the American Law Institute drafted Nation-wide Uniform Laws and each state has now adopted these laws. These laws govern commercial transactions, including sales and leasing goods, transfer of funds, commercial paper, bank deposits and collections, letters of credit, bulk transfers, warehouse receipts, bills of laden, investment securities, and secured transactions. The UCC has been adopted in whole or substantially by all states. Blacks 6th. The UCC is a code of laws governing various commercial transactions — sale of goods, banking transactions, secured transactions in personal property, and other matters, that was designed to bring uniformity in these areas to the laws of the various states, and that has been adopted, with some modifications, in all states, including the District of Columbia and the Virgin Islands. Barron’s 3rd. Unless displaced by the particular provisions of this code, the principles of law and equity, including the law merchant and the law relative to capacity to contract, principle and agent, estopple, fraud, misrepresentation, duress, coercion, mistake, bankruptcy, or other validating or invalidating cause shall supplement its provisions. UCC 1-103.

To paraphrase the third definition above, the UCC is the supreme law on the planet, and all other forms of law are encompassed by it and included in it (except you as a sovereign, of course). Pennsylvania was the first state to adopt the UCC (July 1954), and Louisiana the last (January 1, 1975).

The following is a quote from the BANK OFFICERS HANDBOOK OF COMMERCIAL BANKING LAW WITHIN THE UNITED STATES, sixth edition, paragraph 22.01(1) and pertains to certain types of transactions:

“There are twelve transactions to which the UCC does not apply. They are as follows:

1. Security interests governed by federal statutes . . .

2. Landlord liens . . .

3. Liens for services or material provided . . .

4. Assignment for claims fore wages . . .

5. Transfers by government agencies . . .

6. Certain isolated sales of accounts or chattel paper . . .

7. Insurance Policies . . .

8. Judgments . . .

9. Rights of setoff . . . (see setoff)

10. Real Estate interests . . .

11. Tort Claims . . .

12 Bank accounts . . .”

UCC-104 states : “Construction against implicit repeal. This code being a general act intended as a unified coverage of its subject matter, no part of it shall be deemed to be impliedly repealed by subsequent legislation in such construction be reasonably avoided”.

Nothing in the UCC has ever been repealed, nor can it ever be. In the event of conflict between a deleted section and a current section, the deleted section controls. If this is examined one will see that it cannot be the other way. Potentially countless commercial transactions can be consummated based on the current UCC at any time. To “cancel” any portion of the UCC at a later point is to throw into upheaval and chaos all commercial agreements that were based on the deleted portion, an act that would carry unimaginably astronomical liability to the many actors who attempted to effect such change.

Now, we must define the United States. This was covered in course number 2. But for purposes in this particular area, we must define it for a better understanding applied to this procedure.

Commercial Lien

A commercial lien is a non-judicial claim or charge against property of a Lien Debtor for payment of a debt or discharge of a duty or obligation. A lien has the effect of permanently seizing property in three months, ninety days, upon failure of the lien debtor to rebut the Affidavit of Claim of Lien. The commercial grace of a lien is provided by the three-month delay of the execution process, allowing resolution either verbally, in writing, or by jury trial within the 90 day grace period. A Distress (to be defined in Blacks 6th) bonded by an affidavit of information becomes a finalized matured commercial lien and accounts receivable ninety days from the date of filing. The Lien Right of a Lien must be expressed in the form of an Affidavit sworn true, correct and complete, with positive identification of the Affiant. The swearing is based on one’s own commercial liability.

A commercial lien differs from a true bill in commerce only in that ordinarily a true bill in commerce is private, whereas a lien is the same bill publicly declared, usually filed in the office of the County Recorder, and, like all such declarations, when uncontested by categorical point-for-point rebuttal of the affidavit, is a Security (15 USC) and an accounts-receivable.

A commercial lien differs from a non-commercial lien in that it contains a declaration of a one-to-one correspondence between an item or service purchased or offenses committed, and a debt owed. A commercial lien does not require a court process for its establishment. However, a commercial lien can be challenged via the Seventh Amendment jury trial, but may not be removed by anyone except the Lien Claimant or a jury trial, properly constituted, convened, and concluded by due process of law. It cannot be removed by summary process, i.e. a judges discretion. A commercial lien (or distress) can exist in ordinary commerce without dependence on a judicial process, and is therefore not a common law instrument unless challenged in a court of common law, whereupon it converts to a common law lien. A commercial lien must always contain an Affidavit in support of Claim of Lien and cannot be removed without a complete rebuttal of the Liens Claimant affidavit point-by-point, in order to overthrow the one-to-one correspondence of the commercial lien. Also, no common law process can remove a commercial lien unless that common law process guarantees and results in a complete rebuttal of the lien claimants Affidavit categorically and point-for-point in order to overthrow the one-to-one correspondence of the commercial lien.

What is a True Bill in Commerce?

This is a ledgering or bookkeeping/accounting, with every entry established. This is your first Affidavit, certified and sworn on the responsible party’s commercial liability as true, correct, and complete, not meant to mislead. It must contain a one-to one correspondence between an item or service purchased or offenses committed and the corresponding debt owed. This commercial relationship is what is known as “Just compensation” (5th Amendment to the Constitution), in relationship between the Government and the American people, a true bill is called a warrant (4th Amendment to the Constitution), and the direct taking of property by legislative act, ( e.g. IRS and the like) is called a “Bill of Pains and Penalties” (Constitution, Art. I, Section 10, Clause I, and Article I, Section 9, Clause 3 -“Bill of Attainder).

There is one other matter we must define before we start putting all these pieces of the puzzle together into a workable tool for our benefit. That is the Uniform Commercial Code itself.

United States – US- U.S.-USA-America

Means: (A) a federal corporation . . . Title 28 USC Section 3002(5) Chapter 176. It is clear that the United States . . . is a corporation . . . 534 FEDERAL SUPPLEMENT 724.

`It is well settled that “United States” et al is a corporation, originally incorporated February 21, 1871 under the name “District of Columbia,” 16 Stat. 419 Chapter 62. It was reorganized June 11, 1878; a bankrupt organization per House Joint Resolution 192 on June 5, 1933, Senate Report 93-549, and Executive Orders 6072, 6102, and 6246; a de facto (define de facto) government, originally the ten square mile tract ceded by Maryland and Virginia and comprising Washington D. C., plus the possessions, territories, forts, and arsenals.

The significance of this is that, as a corporation, the United States has no more authority to implement its laws against “We The People” than does Mac Donald Corporations, except for one thing — the contracts we’ve signed as surety for our strawman with the United States and the Creditor Bankers. These contracts binding us together with the United States and the bankers are actually not with us, but with our artificial entity, or as they term it “person”, which appears to be us but spelled with ALL CAPITAL LETTERS.

All this was done under,

VICE-ADMIRALTY COURTS.

In English Law. Courts established in the queen’s possessions beyond the seas, with jurisdiction over maritime causes, including those relating to prize.

The United States of America is lawfully the possession of the English Crown per original commercial joint venture agreement between the colonies and the Crown, and the Constitution, which brought all the states (only) back under British ownership and rule. The American people, however, had sovereign standing in law, independent to any connection to the states or the Crown. This fact necessitated that the people be brought back, one at a time, under British Rule, and the commercial process was the method of choice in order to accomplish this task. First, through the 14th Amendment and then through the registration of our birth certificate and property. All courts in America are Vice-admiralty courts in the Crowns private commerce.

ACCEPT FOR VALUE AND ACCEPTANCE

By now, you have probably heard the term accept for value. This term, for me, gave me quite a problem in understanding when first encountered. And, most of the people starting in this redemption program seems to have the same problem.

When you look up the word accept in Blacks 4th Edition you find, “To receive with approval or satisfaction; to receive with intent to retain.”

With this in mind, when you get a traffic ticket, a notice of foreclosure or whatever, one’s first instinct is “Oh, No. I’m certainly not going to ‘accept’ that!” Why would anyone want to accept such a thing?

Acceptance. The taking and receiving of anything in good part, and as it were a tacit agreement to a proceeding part, which might have been defeated or avoided if such acceptance had not been made.

Nope, that doesn’t sound much better, now does it?

First, you may not know what the word ‘tacit’ means so let’s look that one up as well. In Blacks 6th it states: 1. “Existing, inferred, or understood without being openly expressed or stated; implied by silence or silent acquiescence, as a tacit agreement or a tacit understanding. 2. Done or made in silence, implied or indicated, but not actually expressed. Manifested by the refrainment from contradiction or objection; inferred from the situation and circumstances, in the absence of express matter.”

From the above, I deduce that if I accept the thing then there is an agreement. I agree with what they have said in the writing, whatever it may be. But, then, if I don’t accept it, don’t say anything, then there is still an agreement because I don’t refute it or contradict what they say in the writing. I know from all my past experience that I certainly don’t want to get into a court battle with anyone. No matter how right you might think you are, what law you think is on your side, you always seem to lose in any court. My, my, what a predicament.

So, why would I want to accept anything for value? How could that phrase possibly be of any help?

Well, let’s look a little further, define more words, and see if we can make any sense out of all this.

Let’s go a little further when we look under Acceptance in Blacks 6th edition. You’ll go on down the page until you get to Types of acceptance. Beneath that heading you’ll see Conditional acceptance;

Conditional acceptance. An agreement to pay the draft or accept the offer on the happening of a condition.

A ‘conditional acceptance’ is in effect a statement that the offeree [this is you] is willing to enter into a bargain differing in some respects from that proposed in the original offer. The conditional acceptance is, therefore, itself a counter offer.”

OK. That sounds a little better. If I accept their offer with a conditional acceptance, I now have a counter offer to make back to them. Now, the ball is in their court. If they do not answer, they then accept your offer by tacit agreement and you win. Now this sounds much better. But, we’re not through yet. Let’s look at power of acceptance. In Blacks 6th edition it says:

Power of acceptance. Capacity of offeree [that’s you again, the offeree] upon acceptance of terms of offer, to create a binding contract.

So, if I accept your offer, with conditional acceptance, then place my own terms in which I do accept your offer, then we now have a binding contract. The offeror (a municipality or corporation) must now come back with a rebuttal to prove my terms and conditions in error. We will go into detail on this in the 5th Course – Contracts, but first you need to accept these contracts by claiming the fictitious entity the state created when you were born.

REDEMPTION

Did you know the UNITED STATES actually defines the fictitious entity spelled like your name with upper case letters as a “corporation”? The definition is in 15 USCA (United States Code Annotated) section 44;

“Corporation” shall be deemed to include any company, trust, so-called Massachusetts trust, or association, incorporated or unincorporated, which is organized to carry on business for its own profit or that of its members,….”

So if the state has created this “unincorporated corporation” then does it have authority over it? Yes it does. And until you give them notice otherwise, they will always have authority over it. That is what a UCC-1 Financing Statement does, it gives public notice that you, the secured party, have a claim against the debtor, the unincorporated corporation. Now when you file this notice, you take this entity “out of the state”, out of the jurisdiction of a fictitious entity and into the private venue, your kingdom, and thus the entity becomes “foreign” to the state and now it becomes an unincorporated foreign corporation to the state. Sounds like an oxymoron, but then again, I am using THEIR terminology!

Financing Statement: A document setting out a secured party’s security interest in goods. A document designed to notify third parties, generally prospective buyers or lenders, that there may be an enforceable security interest in the property of the debtor; It is merely evidence of the creation of a security interest, and usually is not itself a security agreement; The financing statement is filed by the security holder with the Secretary of State, or similar public body, and as such becomes public record.

Security Agreement: An agreement which creates or provides for a security interest between the debtor and a secured party. UCC-9- 105(h); An agreement granting a creditor a security interest in personal property, which security interest is normally perfected either by the creditor taking possession of the collateral or by filing financing statements in the proper public records.

Security interest: Interest in property obtained pursuant to security agreement; A form of interest in property which provides that the property may be sold on default in order to satisfy the obligation for which the security interest is given; Often “lien” is used as a synonym, although lien most commonly refers only to interests providing security that are created by operation of law, not through agreement of the debtor and creditor.

A security agreement must exist to file a UCC-1 Financing Statement, but does this mean it must be in writing and attached to the UCC-1? Possibly, but what if it is a verbal agreement? Since your strawman corporation cannot speak how can it write or sign its name? You can create one and attach it, but you probably don’t need it. In fact, one can still do all of the administrative procedures without filing a UCC-1, because you are the secured party and creditor whether you file or not. Filing the UCC-1 is actually more for your benefit than for anyone else because it makes this esoteric, intangible subject more real to you and gives you confidence, and that gain alone is worth every bit of the effort expended.

Some of the states give you a hard time when filing the financing statement as they claim you are “contracting with yourself”. To prevent this, you create a separation between you and your strawman corporation so that “they” can tell the difference (as if they didn’t know!). One of the things you can do is to apply for a tradename for your corporation. Once this is filed, you will start receiving promotions in the mail advertising credit card machines that you can use in your “new business”. You will not need them, but it indicates that the “corporate system” now recognizes your strawman as a “fictitious entity doing buisiness for profit” – a corporation.

Drill: File your tradename and UCC-1 Financing Statement

1. Go to the website for your state and pull off an Application for Trade Name and a UCC-1 Financing Statement form. You should be able to go to your Secretary of States site, such as SOSAZ would be for Arizona, or just call for the website.

2. Fill out the Application for Trade Name and send it into the SOS (Secretary of State) of your state along with the application fee. Mark “person” for the section of what kind of business it is. They get confused if you mark anything else.

3. When you get the Trade Name certificate back, make a copy as an attachment for the UCC-1 Financing Statement that you will be doing next.

4. Fill out the UCC-1 Financing Statement according to the example below and attach your Trade Name certificate to it as well as a copy of your birth certificate. A Security Agreement is not necessary as this is a private agreement between you and your corporation commonly referred to as a strawman. You must put the HOSPITAL where you were born as the address for the DEBTOR as this is where the corporation was created by the state. It is important to list all of the contracts that you have signed for your strawman such as the Drivers License, Social Security Number, Marriage license, Passport, etc.

5. Also reserve a number that will become your TREASURY POSTED REGISTERED ACCOUNT. This account will be set up at the US Department of Treasury with the private man entitled US Secretary of Treasury. It is important you refer to this man by his name such as “Paul O’Neill”, as you cannot deal with a fiction while in the private venue. The number will consist of the registered number that is printed on the red registered mail sticker you get from the Post Office, plus your social security number with NO dashes. Example is RR26511985 & 111223333.

6. File your UCC-1 with the SOS with the applicable fees.

Commercial Security Agreement

This non-negotiable and non-transferable Security Agreement is made and entered this day of ______________ , 2001 by and between JOHN HENRY DOE, hereinafter “Debtor”, Organization Number 570-50-8194 John Henry Doe, hereinafter “Secured Party”, Creditor Identification Number 544327911. The Parties, hereinafter “Parties”, are identified as follows:

DEBTOR:

JOHN HENRY DOE, a Legal Entity

SAINT MARY’S HOSPITAL

TUCSON, ARIZONA 85746

Organization Number: (Social Security Number)

Secured Party:

John Henry Doe, a man

Mailing Location: c/o 4741 W, Camino Tierra

Tucson, Arizona 85746

Creditor Identification Number: 544327911

AGREEMENT

NOW, THEREFORE, the Parties agree as follows:

Debtor hereby grants Secured Party, who deems herself insecure, a security interest in the Collateral described generally herein or specifically on attached Schedule A, hereinafter referred to as “Collateral”, to secure all Debtor’s property, as well as all income from every source, and all direct and indirect, absolute or contingent, due or to become due, now existing or hereafter arising, presumed or actual, parole or expressed public indebtedness and liabilities held by Debtor, to Secured Party in consideration for Secured Party providing certain things and accommodations for Debtor, including but not limited to:

1. the Secured Party signing by accommodation, without immediate consideration, for the Debtor when necessary where the signature of the Debtor will be required, while retaining the right to make sufficient claims to secured such indebtedness until satisfied in whole;

2. the Secured Party issuing a binding commitment to extend credit or to extend immediately available credit, whether or not drawn upon and whether or not reimbursed in the event of difficulties in collection; and

3. the Secured Party providing the security for payment of all sums due or owing, or to become due or owing, by the Debtor on every public contract entered by the Debtor.

Debtor declares it is a legal entity recognized as such, and has rights and privileges recognized under the laws of the United States, as has been the case since its creation in 1966. All legal means to protect the security interest being established by this Agreement, will be used by the Debtor when necessary; and all support needed by the Secured Party to protect his security interest in the collateral identified herein, will be provided by the Debtor.

Execution of this Security Agreement incorporates a promise that the Debtor will execute such commercial forms, including but not limited to such Financing Statements as may be necessary, to assure the Secured Party’s interest is perfected. The security interest established by this Agreement will continue until the Secured Party is relieved of all liability associated with said services provided to the Debtor, and until all owing and due consideration to the Secured Party has been delivered, regardless of whether the Collateral identified in this Agreement is in the possession of the Debtor or the Secured Party.

Debtor warrants that Secured Party’s claim against the Collateral is enforceable according to the terms and conditions expressed therein, and according to all applicable laws promulgated for the purpose of protecting the interests of a creditor against a debtor. Debtor also warrants that it holds good and marketable title to the Collateral, free and clear of all actual and lawful liens and encumbrances except for the interest established herein, and except for such substantial interest as may have been privately established by agreement of the parties with full attention to the elements necessary to establish a valid contract under international contract law. Public encumbrances belonging to the Debtor, against the Collateral, shall remain secondary to this Agreement, unless registered prior to the registration of Secured Party’s interest in the same Collateral, as is well-established in international commercial law.

GENERAL PROVISIONS

Possession of Collateral. Collateral or evidence of Collateral may remain in the possession of the Debtor, to be kept at the address given in this Agreement by the Debtor or such other place(s) approved by Secured Party, and notice of changes in location must be made to the Secured Party within ten (10) days of such relocation. Debtor agrees not to otherwise remove the Collateral except as is expected in the ordinary course of business, including sale of inventory, exchange, and other acceptable reasons for removal. When in doubt as to the legal ramifications for relocation, Debtor agrees to acquire prior written authorization from the Secured Party. Debtor may possess all tangible personal property included in Collateral, and have beneficial use of all other Collateral, and may use it in any lawful manner not inconsistent with this Agreement, except that Debtor’s right to possession and beneficial use may also apply to Collateral that is in the possession of the Secured Party if such possession is required by law to perfect Secured Party’s interest in such Collateral. If Secured Party, at any time, has possession of any part of the Collateral, whether before or after an Event of Default, Secured Party shall be deemed to have exercised reasonable care in the custody and preservation of the Collateral, if Secured Party takes such action for that purpose as deemed appropriate by the Secured Party under the circumstances.

Proceeds and Products from Collateral.Unless waived by Secured Party, all proceeds and products from the disposition of the Collateral, for whatever reason, shall be held in trust for Secured Party and shall not be commingled with any other accounts or funds without the consent of the Secured Party. Notice of such proceeds shall be delivered to Secured Party immediately upon receipt. Except for inventory sold or accounts collected in the ordinary course of Debtor’s public business, Debtor agrees not to sell, offer to sell, or otherwise transfer or dispose of the Collateral; nor to pledge, mortgage, encumber, or otherwise permit the Collateral to be subject to a lien, security interest, encumbrance, or charge, other than the security interested established by this Agreement, without the prior written consent of the Secured Party.

Maintenance of Collateral. Debtor agrees to maintain all tangible Collateral in good condition and repair, and not to commit or permit damage to or destruction of the Collateral or any part of the Collateral. Secured Party and his designated representatives and agents shall have the right at all reasonable times to examine, inspect, and audit the Collateral wherever located. Debtor shall immediately notify Secured Party of all cases involving the return, rejection, repossession, loss, or damage of or to the Collateral; of all requests for credit or adjustment of Collateral, or dispute arising with respect to the Collateral; and generally of all happenings and events affecting the Collateral or the value or the amount of the Collateral.

Compliance with Law.Debtor shall comply promptly with all laws, ordinances, and regulations of all governmental authorities applicable to the production, disposition, or use of the Collateral. Debtor may contest in good faith any such law, ordinance, or regulation without compliance during a proceeding, including appropriate appeals, so long as Secured Party’s interest in the Collateral, in Secured Party’s opinion, is not jeopardized. Secured Party may, at his option, intervene in any situation that appears to place the Collateral in jeopardy.

Public Disputes.Debtor agrees to pay all applicable taxes, assessments, and liens upon the Collateral when due; provided that such taxes, assessments, and liens are proved to be superior to the lawful claim established by this Agreement and subsequently perfected by the Secured Party by appropriate registration. In the event Debtor elects to dispute such taxes, assessments, and liens, Secured Party’s interest must be protected at all times, at the sole opinion of the Secured Party, who may, at his option, intervene in any situation that appears to jeopardize Secured Party’s interest in the Collateral. Debtor may elect to continue pursuit of dispute of such taxes, assessments, and liens, only upon production of a surety bond by public claimant(s), in favor of the Secured Party, sufficient to protect Secured Party from loss, including all costs and fees associated with such dispute. Should public judgment against the Debtor result from such dispute, Debtor agrees to satisfy such judgment from its accounts established and managed by the United States or its subdivisions, agents, officers, or affiliates, so as not to adversely affect the Secured Party’s interest in the Collateral.

Indemnification. Debtor hereby indemnifies Secured Party from all harm as expressed in the attached Indemnity Bond, incorporated herein as if fully set forth within this Security Agreement. 

(Blog Master Note: Next Post I’ll continue with this sample of a Commercial Security Agreement)

 

 

 

 

 

 

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