Bonds - Creation and Monetising

[strawmansarah]

... I am planning on de-registering mine pretty soon...

This idea fascinates me too, in respect of vehicles AND land/property. However HOW? How can you or I possibly de-register something that IS NOT OURS? It's THEIRS

[huntingross]

Below is the product of some PM's I have been discussing, anyone see any flaw in the process ?

This is a Guarantee Bond, a copy of a standard form from work......it has no inherent value, the Guarantor simply "promises" to cover the cost if the contractor goes under.....How good is the Banks promise ? ..... No phucking good when recent events demonstrated that they can go under themselves....I asked the QS's at work if our legal department would be looking for something more concrete in future due to these recent (banking) events....he just smiled nervously.

viewtopic.php?f=48&t=1808&start=30#p39895

You notice it says The Guarantee Bond is made as a DEED.....it is a trust document.

So I suppose I would call my one a Security Bond and write it in such a way that the security will be held with a Trusted third party in the event that it is called upon....one of their solicitors would suffice for the purpose as trustee to keep it safe, the lien debtor would be a trustee for the debt....the beneficiary would be me and the third party....and I would be the grantor....

Well I think that is how it would go....more research to be done.

[tilth]

edit post removed by iamallthatiam

OK tilth,
this is not a Winston Shrout template forum, and althoguh many have researched winston's work, not all have.
Posting templates in this fashion is both irresponsible and dangerous - you know, or should know, as well as i do that quick fixes arent the answer, templates posted in this fashion will get used in that way without the necessary homework being done. Quick fixes arent what we are about. To use Winstons work over here you need a far greater understand of just templates

xxxxx

[lone wolf]

Greetings,
Great Idea..this is exactly what a group of us have been looking for, to cover the peaceful inhabitants of our community, while using one of the shared conveyances of the day to travel. (which could be a car, van, truck ,motorbike or tractor.

We need to do a lot of travelling on the highways at the moment, gathering building materials and provisions, as well as being able to carry our friends and guests.

What's the next action step, i would appreciate your guidance and contact, in this matter.

Peace, freedom and blessings.

[huntingross]

Hi wolf

Not sure what the outcome of this was....Bonding remains a real possibility.....

There is the lodgement of "funds" into the Court Funds Office under the Road Traffic Act S144, the details of which were not fully answered in the emails below.....I believe the funds deposited could be a promissory note....the Court Funds Office have received these in the past to my knowledge. This places the jurisdiction firmly in the UK.

Another option would be for the sovereign state of Fidach to issue insurance cover, foreign to the UK and covering the holders for travelling in the UK.....this could be very simple and I am prepared to do this....the details would need to be ironed out, and any risk I am exposing myself too would have to considered...but this is very do-able.

Dear Mark



Thank you for your email.



Scotland is a separate legal jurisdiction. We do not deal with Scottish monies.



In England and Wales, for deposits under s144 Road Traffic Act 1988, you need to contact the Department of Transport, who prepare a warrant to be sent to us. We will then check this and, subject to the paperwork being in order, send out a form requesting the appropriate sum from the payer.



In effect therefore you need to contact the Department of Transport.





Yours sincerely



Jilna Shah

On behalf of CFO Enquiries
Court Funds Office
Address: 22 Kingsway, London, WC2B 6LE
DX: 149780 Kingsway 5
Helpline: 0845 223 8500
Fax: 020 7947 7967
Email: enquiries@courtfunds.gsi.gov.uk
Website: www.courtfunds.gov.uk
x Please consider the environment - do you need to print this email?






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Subject: Re: Road Traffic Act 1988 S144 2010_003708


Hi Jilna

Thank you for your response, but I have a few questions.

To comply with this section of the Road Traffic Act, the deposit would be voluntary, so how or why would a Court Order be required, and is this the process for Scotland, I forgot to mention that before.

The Third Party cover that this provides under the Act is in force for as long as the monies are kept on deposit, this means they are returnable when Third Party cover is no longer required, how is this managed.

Is the cheque held on deposit or is it cashed. The reason I ask is that insurance is a promise to pay, whereas cashing the cheque would be actual payment.

Thanks again

Regards

mark



In a message dated 15/07/2010 10:14:37 GMT Daylight Time, enquiries@courtfunds.gsi.gov.uk writes:
Dear Mark

Thank you for your email.

In order to make a lodgment into the Court Funds Offices we require the following:



Form 100
Sealed County Court Order that states the Funds must be paid into the Court Funds Office
A cheque made payable to the Accountant General of the Senior Courts


Please note that the form 100 can be downloaded from our website, www.courtfunds.gov.uk and the information on making payments can be found in the payments in section of the website.



If we can be of any further assistance in the future, please do not hesitate to contact us ether by email or via our Customer Service.

Yours sincerely





Jilna Shah

On behalf of CFO Enquiries
Court Funds Office
Address: 22 Kingsway, London, WC2B 6LE
DX: 149780 Kingsway 5
Helpline: 0845 223 8500
Fax: 020 7947 7967
Email: enquiries@courtfunds.gsi.gov.uk
Website: www.courtfunds.gov.uk
x Please consider the environment - do you need to print this email?










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Subject: Road Traffic Act 1988 S144


Hi

Section 144 of the Act allows for Third Party cover by depositing £500,000 with the Accountant General of the Supreme Court, now the Accountant General of the Senior Courts I believe.

What is the nature of this deposit, is it a promissory note, a bond, a cheque, a security, please advise.

I presume it isn't a suitcase filled with £10 notes.

In anticipation

Regards

mark

[musashi]

Michael

If we stand under the legal maxim, all are equal before the law, motor insurance is not necessary in my opinion simply because policy enforcement officers and ambulance drivers do not have to have it, mainly due to the fact that they can't find an insurance company that is willing to offer a policy, such are the inherent dangers of those occupations. however, it would also be feasible to create a bond that indemnified any and all concerned and affected parties against any and all potential losses, injury and damages, provided that the instrument was perfectly formed.

Agreed, and a Bond would sound like the best way to do this.

So if I created a £5m Bond for example, I would just write up a promissory note?!! What is the security for this, in the event that it was required to be monetised (drawn upon)....where would the £5m come from (see I did say I don't get this stuff)

Farmer, this video talks alot about seizing the judges bond and police officers bonds, it was interesting to me, aswell as having some Notary stuff at the end.....Shrout

The security for the bond is one’s own property. If your property is valued at, say, ten thousand, then you can write a bond for that amount. If the bond is successfully claimed against then you must hand over your property to the amount claimed.
Public liability insurance cover is incumbent on anyone acting in the public. The police insurance bond would be claimed against in the event of a traffic accident – he lacking car insurance.
I see no point in writing a bond which cannot be claimed against, if necessary, by an injured party, and I see no harm in a bond template being available.
Musashi

[The Freeman-on-the-Land known as Michael]

The security for the bond is one’s own property. If your property is valued at, say, ten thousand, then you can write a bond for that amount. If the bond is successfully claimed against then you must hand over your property to the amount claimed.
Public liability insurance cover is incumbent on anyone acting in the public. The police insurance bond would be claimed against in the event of a traffic accident – he lacking car insurance.
I see no point in writing a bond which cannot be claimed against, if necessary, by an injured party, and I see no harm in a bond template being available.
Musashi

No security is required to render a bond negotiable, since the superior Courts have held that it only has value because it operates as an unconditional promise to pay (Promissory Note), which would not be unconditional if it was contingent upon the property of its maker being pledged as security.

This type of instrument is deposited with company's such as the Law Debenture Trust Company, which acts as private trustee (holder), creating a credit in the account of the owner at the value of the bond, minus fees and commission, which can be drawn upon subject to the terms of any intrinsic agreement, contract or pledge referenced in the body of the instrument. The general account of the trustees also benefits from the value of the bond until its maturity. This position is supported by the common practice of the insurance and banking industries, the Bills of Exchange Act 1882, case law and eminent legal authorities, on which I will be posting substantive additions in the near future.

The Court Funds Office require the warrant from the Department of Transport [neither of which can deny any person a remedy prescribed under statutory instrument], along with a sealed form 100 (Request for Lodgment), to complete the administrative process, following the acceptance of the instrument by the Accountant General. The CFO has also confirmed in writing that they will accept Promissory Notes when accompanied by form 100 and court order directing that it should be deposited under the Court Funds Rules, CPR Part 37 or the Trustee Act 1925.

For those who still have unanswered questions on the law of negotiable instruments, I humbly suggest visiting the following links:

http://freetheplanet.net/articles/153/the-law-of-bills-of-exchange-promissory-notes
http://freetheplanet.net/articles/155/the-laws-of-banking
http://freetheplanet.net/articles/168/the-much-maligned-misunderstood-promise-to-pay

Namaste