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 THEIRSFreeman-B wrote:... 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 THEIRSFreeman-B wrote:... I am planning on de-registering mine pretty soon...
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.
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.
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
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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?
--------------------------------------------------------------------------------
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
huntingross wrote:MichaelIf 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
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