It is always a good idea to know stuff… “the truth will set you free”
Appointment and Qualification of Trustee as Fiduciary
The trustee is the person or entity (e.g., a bank or other corporation) who holds legal title to the trust property.Fiduciary:
A person or institution who manages money or property for another and who must exercise a standard of care in such management activity.
“A trustee can receive an appointment from two different sources: an inter vivos trust or a testamentary trust. The trustee of an inter vivos trust derives her authority from the trust instrument itself and administers the trust without supervision of the court.
Testamentary trustees derive their authority from court appointments. Usually, the court appoints the trustee named in the will. This is similar to the court appointing the executor named in the will. Since the appointment comes from the court, the trustee is responsible to the court and must account to it at various times.
The trustee, the recipient of legal title to the transferred property, also must meet certain qualifications to serve in that capacity. Generally, anyone who has the capacity to acquire or hold title to the particular property for his or her own benefit also has the capacity to receive the property as trustee.
In addition, the trustee must have the capacity to administer the trust, thereby excluding minors and mentally disabled persons. The trustee can be a person or an entity, such as a domestic corporation or partnership. Often, major banks or trust companies have departments devoted exclusively to administering trusts.
Also, more than one person can be a trustee; each serving as co-trustees. If one is disqualified from serving, only the other co-trustee has the authority to act. See, e.g., In re Dorrance’s Will, 3 A.2d 682 (Pa. 1939). If any problem arises with the proposed trustee, such as failing to qualify or declining the appointment, a court of equity will appoint a trustee and the trust will not fail for lack of a trustee.
EXAMPLE: Randall by will leaves certain land in trust for his daughter, Gabrielle. He named his sister, Charlene as the trustee. However, Charlene died three years ago. To save the trust, the court will appoint a trustee to administer the trust and will order the person having legal title to the property to convey it to the appointed trustee. (Before the court’s order, the title would be either in Randall’s heir or in his residuary devisee). See, e.g., Perfect Union Lodge No. 10 v. Interfirst Bank, 748 S.W.2d 218 (Tex. 1988).
The trustee’s resignation and removal are treated similarly to those of executors. To resign, the trustee needs court permission, unless the trust agreement contains a provision to the contrary. See, e.g., Lane v. Tarver, 113 S.E. 452 (Ga. 1922). A court may remove a trustee for any one of numerous grounds, such as dishonesty, incompetence in handling of trust property or dissipation of the trust estate. See, e.g., Blumenstiel v. Morris, 207 Ark. 244 (1944); Sauvage v. Galloway, 80 N.E.2d 553 (Ill. 1923).”
31 CFR § 363.6 – What special terms do I need to know to understand this part?
§ 363.6 What special terms do I need to know to understand this part?
Account means a TreasuryDirect ® account as described in § 363.10.
Authentication means confirming that the person accessing a TreasuryDirect account is the same person whose identity was initially verified at account establishment.
Automated Clearing House (ACH) means a funds transfer system governed by the Rules of the National Automated Clearing House Association (NACHA). NACHA provides for the interbank clearing of electronic entries for participating financial institutions.
Beneficiary refers to the second individual named in the registration of a definitive savings bond, a converted definitive savings bond, or a book-entry security purchased through the TreasuryDirect system, registered, e.g., “John Doe SSN 123-45-6789 POD (payable on death to) Joseph Doe SSN 987-65-4321.
Book-entry security means a Treasury security maintained by us in electronic or paperless form as a computer record.
Business day means any day that funds may be settled through ACH.
Closed book period means a period of four business days prior to the date a scheduled marketable security interest and/or maturity payment is made, during which time certain transactions will be delayed until after the closed book period is completed. (See § 363.210.)
Commercial book-entry system refers to the book-entry system in which you hold your Treasury securities in a tiered system through securities intermediaries such as financial institutions or brokerage firms. (See § 363.4.)
Court means a court of law with jurisdiction over the parties and the subject matter.
Conversion account means a linked account in TreasuryDirect that contains only savings bonds that have been converted from definitive bonds to book-entry bonds.
Converted savings bond means a savings bond originally issued as a definitive bond that has been surrendered to us and converted to a book-entry savings bond to be maintained by Treasury solely as a computer record.
Converting coowner is the coowner who initiates and completes the transaction to convert a definitive savings bond to a book-entry bond through his or her TreasuryDirect account.
Coowner means either of the persons named in the registration of a definitive or a converted definitive savings bond, registered, e.g., “John Doe SSN 123-45-6789 or Joseph Doe.”
Custodian of a minor account means a person who opens an account on behalf of the minor. (See § 363.27 for more information about minor accounts.)
Custom account means an account that you establish for a specific purpose that is linked to your primary account. You use your primary account as the portal to open and access your custom linked account. (See § 363.10 for more information about custom accounts.)
Definitive security means a Treasury security held in paper form.
De-link means the online process by which all securities contained within the minor linked account are moved to the minor‘s primary TreasuryDirect account and the linked account is deactivated.
Delivery means moving a minimum amount of $25 (consisting of principal and proportionate interest) of a security held as a gift from the account of the purchaser to the account of the recipient.
Entity means any owner of a TreasuryDirect account that is not an individual. Entity is a sole proprietorship, partnership, corporation, limited liability company or professional limited liability company, trust, the estate of a decedent, or the estate of a living person such as an incompetent or a minor.
Entity account manager is the individual who initially opens the TreasuryDirect account for an entity, or his or her replacement; who is authorized by the entity to act alone on its behalf to open, access, and conduct transactions with respect to the account; and who certifies that he or she is so authorized.
Federal Reserve Bank (Reserve Bank) means a Federal Reserve Bank or Branch.
Final maturity of a savings bond means the date beyond which an unredeemed savings bond no longer earns interest. 1
1 Series EE and Series I savings bonds currently have an original maturity period of 20 years and an extended maturity period of 10 years beyond original maturity during which the bonds continue to earn interest.
Financial institution, or depository financial institution, means an entity described in 12 U.S.C. 461 (b)(1)(A)(i)-(vi).
Gift means a Treasury security purchased for or transferred to an intended recipient, without consideration.
Incompetent individual or incompetent person means an individual who has been declared by a court to be legally incompetent, incapacitated, or otherwise unable to manage his or her financial affairs.
Individual means a natural person.
Interest on a savings bond means the difference between the purchase price and the redemption value of the bond.
Legacy Treasury Direct® system is a non-Internet-based book-entry system maintained by Treasury since 1986 for holding and conducting permitted transactions in marketable Treasury securities directly with Treasury as book-entry products. (See § 363.4.)
Legal guardian of a minor or incompetent person refers to the court-appointed or otherwise qualified person, regardless of title, who is legally authorized to act for the minor or incompetent individual.
Legal representative refers to the court-appointed or otherwise qualified person, regardless of title, who is legally authorized to manage and settle the estate of a decedent. The term includes an executor and an administrator.
Legally incompetent means a court has declared an individual to be incapable of handling his or her business affairs.
Linked account means an account that is a separate account from your primary account, but connected to your primary account. You use your primary account as a portal to open and access the linked account. (See § 363.10 for more information about linked accounts.)
Marketable Treasury security refers to a Treasury bill, note, or bond that is negotiable and transferable, that is, may be bought and sold in the secondary market.
Minor means an individual under the age of 18 years. The term minor is also used to refer to an individual who has attained the age of 18 years but has not yet taken control of the securities contained in his or her minor account.
Minor account means an account that a custodian controls on behalf of a minor, that is linked to the custodian’s primary account. (See §§ 363.10 and 363.27 for more information about minor accounts.)
Non-converting coowner is the coowner who does not participate in the transaction to convert a definitive savings bond to a book-entry bond.
Online means use of the Internet.
Owner when referring to an individual, is either the single individual named in the registration of a security held in the single owner form of registration, the first individual named on a security held in the owner with beneficiary form of registration, the first individual named on a security held in the primary owner with secondary owner form of registration, or either individual named on a converted savings bond held in the coowner form of registration; when referring to a minor linked account, the owner is the minor; when referring to an entity, the owner is the entity.
Payroll savings plan is a method for the purchase of savings bonds using periodic ACH credits from your employer or financial institution to purchase a payroll zero-percent certificate of indebtedness until a sufficient amount of payroll zero-percent certificate of indebtedness is accumulated to enable the purchase of a savings bond in an amount, series, and registration that you previously selected using functionality in your TreasuryDirect account. (See also the definition of payroll zero-percent certificate of indebtedness.)
Payroll zero-percent certificate of indebtedness is a restricted form of the zero-percent certificate of indebtedness that is held separately from the zero-percent certificate of indebtedness and used only for purchases made through the payroll savings plan. (See also the definition for zero-percent certificate of indebtedness.)
Person means an individual or an entity.
Primary account means the account that you establish when you first open your TreasuryDirect account; your primary account is the portal used to open and access all your linked accounts. (See § 363.10 for more information about primary accounts.)
Primary owner means the first person named in the registration of a security held in TreasuryDirect registered, e.g., “John Doe SSN 123-45-6789 with Joseph Doe SSN 987-65-4321.” In this example, John Doe is the primary owner.
Principal amount means the amount of the original investment. Principal amount does not include any interest earned.
Recipient means the person to whom a gift is given.
Redemption of a savings bond refers to the payment of principal and interest at final maturity, or prior to final maturity at the option of the owner. The owner may redeem all principal and interest or a portion of the principal and the proportionate amount of interest.
Redemption value means principal plus accrued interest of a bond, or a portion of the principal plus a proportionate amount of accrued interest on the bond, as of the date of redemption.
Registration or Registered means that the name and taxpayer identification number(s) (TIN) of the person(s) named on the security are maintained on our records.
Reinvestment means using the redemption proceeds of a maturing marketable security to purchase a new marketable security of the same type and term, using the automatic reinvestment option available in TreasuryDirect.
Secondary owner means the second person named in the registration of a book-entry security held in TreasuryDirect registered, e.g. “John Doe SSN 123-45-6789 with Joseph Doe SSN 987-65-4321.” In this example, Joseph Doe is the secondary owner.
Security, or Treasury security, as used in this part, means an obligation issued by Treasury that may be held in TreasuryDirect.
Series EE savings bond is an accrual-type savings bond, issued either in definitive (paper) form or in book-entry form, that accrues interest on the principal based on rates determined by Treasury.
Series I savings bond is a savings bond, issued either in definitive (paper) form or in book-entry form, that accrues interest in accordance with a formula that includes a fixed component and a component indexed to the rate of inflation.
Signature guarantee program means a signature guarantee program established under 17 CFR 240.17Ad-15, issued under authority of the Securities Exchange Act of 1934. For the purpose of this part, we recognize the Securities Transfer Agents Medallion Program (STAMP), the Stock Exchanges Medallion Program (SEMP), and the New York Stock Exchange, Inc., Medallion Signature Program (MSP). These certifications are acceptable for transfers of securities, but are not acceptable for offline account establishment.
Single owner means the individual named in the registration of a book-entry Treasury security or a converted savings bond without a beneficiary, secondary owner, or coowner.
Social security account number or social security number (SSN) means the identifying number required on tax returns and other documents submitted to the Internal Revenue Service by an individual. A SSN is composed of nine digits separated by two hyphens, for example, 123-45-6789.
Taxpayer identification number (TIN) means the identifying number required on tax returns and other documents submitted to the Internal Revenue Service; that is, an individual‘s social security number (SSN) or an employer identification number (EIN). A SSN is composed of nine digits separated by two hyphens, for example, 123-45-6789. An EIN is composed of nine digits separated by one hyphen, for example, 12-3456789. The hyphens are an essential part of the numbers.
Tender means an offer, or bid, to purchase a marketable Treasury security.
Transaction is any action affecting Treasury securities or account information.
Transfer is a transaction to move a security, or a portion of a security, to or from a TreasuryDirect account. (See § 363.26.)
Verification means confirming the identity of an online applicant for a TreasuryDirect account at account establishment using an online verification service or offline verification.
Verification service means a public or private service that confirms the identity of an online applicant for a TreasuryDirect account at account establishment using information provided by the applicant.
Voluntary representative means the person qualified by the Department of the Treasury to accept payment or direct distribution of a decedent’s securities pursuant to § 363.44.
We, us, or our refers to the Bureau of the Fiscal Service. The term includes the Secretary of the Treasury and the Secretary‘s delegates at the Treasury Department and Bureau of the Fiscal Service. The term also includes any fiscal or financial agent we designate to act on behalf of the United States.
You or your refers to a TreasuryDirect primary account holder.
Zero-percent certificate of indebtedness is a one-day, non-interest-bearing security that automatically matures and is rolled over each day until you request that it be redeemed.
[67 FR 64286, Oct. 17, 2002, as amended at 68 FR 24807, May 8, 2003; 69 FR 2507, Jan. 16, 2004; 69 FR 50308, Aug. 16, 2004; 70 FR 14942, Mar. 23, 2005; 70 FR 57433, Sept. 30, 2005; 70 FR 57442, Sept. 30, 2005; 72 FR 30978, June 5, 2007; 74 FR 19416, Apr. 29, 2009; 75 FR 26090, May 11, 2010; 75 FR 70815, Nov. 19, 2010; 75 FR 78901, Dec. 17, 2010; 76 FR 18064, Apr. 1, 2011]
31 CFR § 363.4 – How is TreasuryDirect® different from the Legacy Treasury Direct® system and the commercial book-entry system?
§ 363.4 How is TreasuryDirect® different from the Legacy Treasury Direct® system and the commercial book-entry system?
(a) TreasuryDirect. TreasuryDirect is a book-entry, online system maintained by Treasury for purchasing, holding and conducting permitted transactions in eligible Treasury securities in electronic form as a computer record on the books of Treasury. TreasuryDirect currently provides for the purchase and holding of eligible book-entry savings bonds, zero-percent certificates of indebtedness, and eligible marketable Treasury securities.
(b) Legacy Treasury Direct. The Legacy Treasury Direct system is a non-Internet-based book-entry system maintained by Treasury for holding and conducting permitted transactions in eligible marketable Treasury securities as book-entry products. The terms and conditions for the Legacy Treasury Direct system are found at 31 CFR part 357, subpart C.
(c) Commercial book-entry system. The commercial book-entry system is the book-entry system in which Treasury securities are held in a tiered system through securities intermediaries such as financial institutions or brokerage firms. The regulations governing the commercial book-entry system are found at 31 CFR part 357, subpart B, and may be referred to in that part as Treasury/Reserve Automated Debt Entry System (TRADES).
[70 FR 57442, Sept. 30, 2005, as amended at 76 FR 18064, Apr. 1, 2011]
31 CFR § 363.5 – How do I contact Fiscal Service?
§ 363.5 How do I contact Fiscal Service?
(a) You may use the “Contact Us” feature within TreasuryDirect ® to communicate information to us over a secure Internet connection.
(b) Emails may be sent to: email@example.com. We will reply by e-mail unless you request otherwise. We are not responsible for the security of e-mail messages you may send to us, or replies we may send to you.
(c) Letters should be addressed to the address provided on our web site at http://www.treasurydirect.gov/write.htm.
[67 FR 64286, Oct. 17, 2002, as amended at 70 FR 57442, Sept. 30, 2005; 74 FR 19416, Apr. 29, 2009]
Read 31 CFR, 240.14 and 240.15. Are the corporate agents standing in as qualified Heirs to the Cestui Que Vie Trust created for us when we are born of this world? Providing the correct, authenticated documents is the ONLY way to lawfully gain control of the account.
§ 240.14 – Checks issued to incompetent payees.
(a) Handling of checks when a guardian or other fiduciary has been appointed. (1) A guardian appointed in accordance with applicable State law, or a fiduciary appointed in accordance with other applicable law, may indorse checks issued for the following classes of payments the right to which under law does not terminate with the death of the payee: payments for the redemption of currencies or for principal and/or interest on U.S. securities; payments for tax refunds; and payments for goods and services.
(i) A guardian or other fiduciary indorsing any such check on behalf of an incompetent payee, must include, as part of the indorsement, an indication of the capacity in which the guardian or fiduciary is indorsing. An example would be: “John Jones by Mary Jones, guardian of John Jones.”
(ii) When a check indorsed in this fashion is presented for payment by a financial institution, it will be paid by Treasury without submission of documentary proof of the authority of the guardian or other fiduciary, with the understanding that evidence of such claimed authority to indorse may be required by Treasury in the event of a dispute.
(2) A guardian or other fiduciary may not indorse a check issued for any class of payment other than one specified in paragraph (a)(1) of this section. When a check other than one specified in paragraph (a)(1) of this section is received by a guardian or other fiduciary, the check must be returned to the certifying agency with information as to the incompetence of the payee and documentary evidence showing the appointment of the guardian or other fiduciary in order that a replacement check, and future checks, may be drawn in favor of the guardian or other fiduciary.
(b) Handling of checks when a guardian or other fiduciary has not been appointed. If a guardian or other fiduciary has not been appointed, all checks issued to an incompetent payee must be returned to the certifying agency for determination as to whether, under applicable law, payment is due and to whom it may be made.
(c) Handling of certain checks by an attorney-in-fact. Notwithstanding paragraph (a)(2) of this section, if a check was issued for a class of payments the right to which under law terminates upon the death of the beneficiary, such as a recurring benefit payment or annuity, the check may be negotiated under a durable special power of attorney or springing durable special power of attorney subject to the restrictions enumerated in § 240.17. After the end of the six-month period provided in §§ 240.17(d) and (e), such checks must be handled in accordance with paragraph (a)(2) of this section.
AUTHORITY: 5 U.S.C. 301; 12 U.S.C. 391; 31 U.S.C. 321, 3327, 3328, 3331, 3334, 3343, 3711, 3712, 3716, 3717; 332 U.S. 234 (1947); 318 U.S. 363 (1943).
SOURCE: 69 FR 61568, Oct. 19, 2004, unless otherwise noted.
CITE AS: 31 CFR 240.14
§ 240.15 – Checks issued to deceased payees.
(a) Handling of checks when an executor or administrator has been appointed. (1) An executor or administrator of an estate that has been appointed in accordance with applicable State law may indorse checks issued for the following classes of payments the right to which under law does not terminate with the death of the payee: payments for the redemption of currencies or for principal and/or interest on U.S. securities; payments for tax refunds; and payments for goods and services.
(i) An executor or administrator indorsing any such check must include, as part of the indorsement, an indication of the capacity in which the executor or administrator is indorsing. An example would be: “John Jones by Mary Jones, executor of the estate of John Jones.”
(ii) When a check indorsed in this fashion is presented for payment by a financial institution, it will be paid by Treasury without the submission of documentary proof of the authority of the executor or administrator, with the understanding that evidence of such claimed authority to indorse may be required by Treasury in the event of a dispute.
(2) An executor or administrator of an estate may not indorse a check issued for any class of payment other than one specified in paragraph (a)(1) of this section. Other checks, such as recurring benefit payments and annuity payments, may not be negotiated after the death of the payee. Such checks must be returned to the certifying agency for determination as to whether, under applicable law, payment is due and to whom it may be made.
(b) Handling of checks when an executor or administrator has not been appointed. If an executor or administrator has not been appointed, all checks issued to a deceased payee must be returned to the certifying agency for determination as to whether, under applicable law, payment is due and to whom it may be made.
(c) Handling of checks when a certifying agency learns, after the issuance of a recurring benefit payment check, that the payee died prior to the date of issuance. (1) A recurring benefit payment check, issued after a payee’s death, is not payable. As a consequence, when a certifying agency learns that a payee has died, the certifying agency must give immediate notice to Treasury, as prescribed at Volume I, Part 4, Chapter 7000 of the Treasury Financial Manual, which can be found at http://www.fiscal.treasury.gov. Upon receipt of such notice from a certifying agency, Treasury will instruct the Federal Reserve Bank to refuse payment of the check upon presentment. Upon receipt of such instruction from Treasury, the Federal Reserve Bank will make every appropriate effort to intercept the check. If the check is successfully intercepted, the Federal Reserve Bank will refuse payment, and will return the check unpaid to the presenting bank with an annotation that the payee is deceased. If a financial institution learns that a date of death triggering action under this section is erroneous, the financial institution must advise the payee to contact the payment certifying agency.
(2) Nothing in this section shall limit the right of Treasury to institute reclamation proceedings under the provisions of §§ 240.8 and 240.9 with respect to a check issued to a deceased payee that has been negotiated and paid over a forged or unauthorized indorsement.
AUTHORITY: 5 U.S.C. 301; 12 U.S.C. 391; 31 U.S.C. 321, 3327, 3328, 3331, 3334, 3343, 3711, 3712, 3716, 3717; 332 U.S. 234 (1947); 318 U.S. 363 (1943).
SOURCE: 69 FR 61568, Oct. 19, 2004, unless otherwise noted.
CITE AS: 31 CFR 240.15
TOPN: Table of Popular Names
Laws acquire popular names as they make their way through Congress. Sometimes these names say something about the substance of the law (as with the ‘2002 Winter Olympic Commemorative Coin Act’). Sometimes they are a way of recognizing or honoring the sponsor or creator of a particular law (as with the ‘Taft-Hartley Act’). And sometimes they are meant to garner political support for a law by giving it a catchy name (as with the ‘USA Patriot Act’ or the ‘Take Pride in America Act’) or by invoking public outrage or sympathy (as with any number of laws named for victims of crimes). History books, newspapers, and other sources use the popular name to refer to these laws. Why can’t these popular names easily be found in the US Code?
The United States Code is meant to be an organized, logical compilation of the laws passed by Congress. At its top level, it divides the world of legislation into fifty topically-organized Titles, and each Title is further subdivided into any number of logical subtopics. In theory, any law — or individual provisions within any law — passed by Congress should be classifiable into one or more slots in the framework of the Code. On the other hand, legislation often contains bundles of topically unrelated provisions that collectively respond to a particular public need or problem. A farm bill, for instance, might contain provisions that affect the tax status of farmers, their management of land or treatment of the environment, a system of price limits or supports, and so on. Each of these individual provisions would, logically, belong in a different place in the Code. (Of course, this isn’t always the case; some legislation deals with a fairly narrow range of related concerns.)
The process of incorporating a newly-passed piece of legislation into the Code is known as “classification” — essentially a process of deciding where in the logical organization of the Code the various parts of the particular law belong. Sometimes classification is easy; the law could be written with the Code in mind, and might specifically amend, extend, or repeal particular chunks of the existing Code, making it no great challenge to figure out how to classify its various parts. And as we said before, a particular law might be narrow in focus, making it both simple and sensible to move it wholesale into a particular slot in the Code. But this is not normally the case, and often different provisions of the law will logically belong in different, scattered locations in the Code. As a result, often the law will not be found in one place neatly identified by its popular name. Nor will a full-text search of the Code necessarily reveal where all the pieces have been scattered. Instead, those who classify laws into the Code typically leave a note explaining how a particular law has been classified into the Code. It is usually found in the Note section attached to a relevant section of the Code, usually under a paragraph identified as the “Short Title”.
Our Table of Popular Names is organized alphabetically by popular name. You’ll find three types of link associated with each popular name (though each law may not have all three types). One, a reference to a Public Law number, is a link to the bill as it was originally passed by Congress, and will take you to the LRC THOMAS legislative system, or GPO FDSYS site. So-called “Short Title” links, and links to particular sections of the Code, will lead you to a textual roadmap (the section notes) describing how the particular law was incorporated into the Code. Finally, acts may be referred to by a different name, or may have been renamed, the links will take you to the appropriate listing in the table.
Prompt Payment Act
Prompt Payment Act
Pub. L. 97-177, May 21, 1982, 96 Stat. 85Hide Pub. L. 111-344Hide Classification
|Pub. L. Section||Status||United States Code|
(9), (10)Rep.19Hide 2373, 2373a
113(b)2635 nt113(a)2635112(b)267527 nt112(a)267527111(c)2635 nt111(b)267527111(a)2635101(d)19nt. prec. 2271101(c)(12)192401g114(a)269801Hide 26 CFR
101(c)(11)19nt. prec. 2271101(c)(5)-(7)Rep.19Hide 2371d to 2371(f)
101(c)(8)192371Hide 13 CFR
101(c)(4)192345Hide 13 CFR
101(c)(2)192317101(c)(3)192318101(a), (b)Rep.19nt. prec. 2271101(c)(1)1922961(a)192101 nt116(c)42300bb-23011958cHide 19 CFR
201(d)193202201(c)193203Hide 7 CFR
201(a), (b)193206118(b)267527 nt118(a)267527117(b)2635 nt117(a)2635116(d)264980B ntHide 26 CFR
302266655 ntHide 26 CFR
116(b)264980BHide 26 CFR
116(a)291162Hide 29 CFR
115(c)2635 nt115(b)Rep.292918115(a)2635114(d)269801 ntHide 26 CFR
114(c)42300gg-3Hide 45 CFR
114(b)291181Hide 29 CFR
12 USC PART 215 - #LOANSTO EXECUTIVE OFFICERS, DIRECTORS, AND PRINCIPAL SHAREHOLDERS OF MEMBER BANKS (REGULATION O)
Authority: 12 U.S.C. 248(a), 375a(10), 375b(9) and (10), 1468, 1817(k), 5412; and Pub. L. 102-242, 105 Stat. 2236 (1991) (12 U.S.C. 1811 note).
Source: #RegulationO, 59 FR 8837, Feb. 24, 1994, unless otherwise noted.
§ 215.1 Authority, purpose, and scope.
(a) Authority. This part is issued pursuant to sections 11(a), 22(g), and 22(h) of the #FederalReserveAct (12 U.S.C. 248(a), 375a, and 375b), 12 U.S.C. 1817(k), section 306 of the Federal Deposit Insurance Corporation Improvement Act of 1991 (Pub. L. 102-242, 105 Stat. 2236 (1991)), section 11 of the Home Owners' Loan Act (12 U.S.C. 1468), and section 312(b)(2)(A) of the #DoddFrank Wall Street Reform and #ConsumerProtectionAct (12 U.S.C. 5412).
(b) Purpose and scope.
(1) This part governs any extension of credit made by a member bank to an executive officer, director, or principal shareholder of the member bank, of any company of which the member bank is a subsidiary, and of any other subsidiary of that company.
(2) This part also applies to any extension of credit made by a member bank to a company controlled by such a person, or to a political or campaign committee that benefits or is controlled by such a person.
(3) This part also implements the reporting requirements of 12 U.S.C. 1817(k) concerning extensions of credit by a member bank to its executive officers or principal shareholders (or to the related interests of such persons).
(4) Extensions of credit made to an executive officer, director, or principal shareholder of a bank (or to a related interest of such person) by a correspondent bank also are subject to restrictions set forth in 12 U.S.C. 1972(2).
[Go research if there is ANY part of title 12 that authorizes or governs by regulation "loans to" any non-agent natural persons!! Get back to me then...] #Debt&$#!+ #MoneyTalk #TakeaClass
#vessel https://www.law.cornell.edu/uscode/text/16/2432 (10)Vessel of the United States
The term “vessel of the United States” means—
(A)a vessel documented under chapter 121 of title 46 or a vessel numbered as provided in chapter 123 of that title;
(B)a vessel owned in whole or in part by—
(i)the United States or a territory, commonwealth, or possession of the United States;
(ii)a State or political subdivision thereof;
(iii)a citizen or national of the United States; or
(iv)a corporation created under the laws of the United States or any State, the District of Columbia, or any territory, commonwealth, or possession of the United States;
unless the vessel has been granted the nationality of a foreign nation in accordance with Article 5 of the 1958 Convention on the High Seas; and
(C)a vessel that was once documented under the laws of the United States and, in violation of the laws of the United States, was either sold to a person not a citizen of the United States or placed under foreign registry or a foreign flag, whether or not the vessel has been granted the nationality of a foreign nation in accordance with Article 5 of the 1958 Convention on the High Seas.
Publication Title: United States Code, 2012 Edition, Supplement 4, Title 15 - COMMERCE AND TRADE
Category: Bills and Statutes Collection
Title 15 - COMMERCE AND TRADE [remember it's FOREIGN trade and commerce]
CHAPTER 2A - #SECURITIES AND #TRUSTINDENTURES
SUBCHAPTER III - TRUST INDENTURES
Sec. 77ooo - Duties and responsibility of the #trustee
The following message was sent to me privately on Facebook messenger and thought others would benefit from this information. Personally, we are not going to open an account. Instead, we will be sending the owners of this website with Notice: Claim; Claim of Damages once we are finished with our case with the local people involved in the illegal traffic stop:
"Look up cusip.com. I think you put in your social security number and all of the names holding accounts should come up. I haven't done mine yet but I know people who have. I don't want to get angry from what I'll find"
Time to shake some coconuts..... anyone else ready to rock the foundation? Time to pull the rug out from the world for the people listed on the following page involved in human slavery and robbery:
Eeon calls Treasury Retail Securities:
It is up to us to come together and educate ourselves and each other..
Since slavery and involuntary servitude is illegal and unlawful, they would need our express written consent to administer our life and our property. There are certain procedures needed to hold a proper court. They cannot bring a case against a man without an injured party and a fiction cannot write an affidavit or have the testimony cross examined without a sentient being willing to come forward under penalty of perjury.
We have been doing records requests with the treasury in our case and have found that there are no documents on and for the record. The system running is running on assumptions and presumptions… all courts are running illegitimately and there needs to be a forensic audit of all cases….
The following video is a must see for anyone that is being invited into the military courts for the unjust enrichment of the BAR Association members…. the participants talk about how one of the lawful living members is getting a new car… how we are tricked into paying for utilities…. and much more…..
It is odd that people are blind to what is happening in their own back yard… we have been lied to about everything… everything is already “paid”…. we are not the “debtor” we are not the “consumer” we are not the “citizen”…we are the end usure…it is up to us to realize what government is and know that we are not part of their monopoly… it is actually about us knowing we are the heir…
People go into “Human Resources” not realizing they are the “resource” and yet we sit back and sign our babies up to work in these “jobs” designed to suck the life force out of them.
Why are people keen on making merchandise of themselves, each other, animals, and the earth’s resources? It is up to us to clean up the County District Courts… until we fully comprehend how man’s position has been usurped by a group of people that have stepped in as fiduciary/administrator/guardian without the proper documentary evidence to qualify we will forever be subject to our own ignorance…. the system that is in place is being misused… we are committing fraud when we apply for a social security number… we actually do not qualify to hold or use a SSN.. we are not supposed to be going into a bank, we actually do not qualify and doing so sets us up.. we are presumed to be an agent of the government… all licenses are business licenses… and am tired of people not seeing how they are making merchandise of themselves and their fellowman… am tired of trying to decipher what to do to figure out this crazy system knowing there is an account for everyone with a birth certificate with $millions… why do people not know what is theirs?
Mortgages are registered on the books as business opportunities… the homes we buy are miscategorized and is why people are paying house taxes… people are not supposed to be paying income tax… only because of ignorance are people paying taxes and paying bills…
Do people know their reason for being?
We published a video on our YouTube Channel regarding the Birth Certificate and republished some of the communications from views below it:
• 2 years ago
@jondough5092 Ask your self this question ? How many names did you perent/s have to think of when they named you?REPLY
• 2 years ago
@glenn-anthony4198 its illegal to use a the registered crown crown copyrighted legal name, renders you a criminal..crime in all you doREPLY
• 2 years ago
@jondough5092 Not if you know how to Perfect the/your title, Correct the registrar ? Do you know what a LBR and a SOURCE DOCUMENT is.REPLY
• 2 years ago
@jondough5092 First, it is an Insurance Indemnity Receipt which is required under the Lieder Code/Hague Conventions. They have to give you an indemnity receipt for the property they are stealing from you— essentially an insurance policy guaranteeing that your property won’t be harmed as a result of their use of it. This makes you the “Subrogee” — the Insured Party and Priority Creditor of your own ESTATE holdings. This process of “registration” (as opposed to “recording”) creates a separate PERSON named after your Given Trade Name, the Birth Certificate is a Bond—literally. It is a bond issued against the value of the ESTATE (or more recently, Public Transmitting Utility) assets that belong to you. A bond is an I.O.U.REPLY1
• 2 years ago
@glenn-anthony4198 its a GIFT because of non disclosure(gamete intra fellopian transfer)..the title (name isnt coprighted) its the body of the works the vessel, this is a spritual contract, the world contract is the trickery..black magic ..bait and switchREPLY1
• 2 years ago
@glenn-anthony4198 bond is glue or james bond 007..lie sense to killREPLY
• 2 years ago (edited)
@jondough5092 It is not a trick if one knows the correct procedure,,, the non disclosure us you say is not the remedy, it is identified/defined in another way, can you show the real meaning of non disclosure?REPLY
• 2 years ago (edited)
@jondough5092 A bond is A WHAT? bond noun 1. friendship relationship fellowship partnership association affiliation alliance coalition attachment tie link connection union nexus 2. promise pledge vow avowal oath word word of honour solemn word guarantee assurance agreement understanding This is fact all the words that relate to Bond?REPLY
Uhhh, just who is the #public?
Congress created the #FederalFinancing Bank (FFB) as a government corporation and an instrumentality of the United States under the general supervision and direction of the Secretary of the Treasury.
The FFB provides financing to help Federal agencies manage their borrowing and lending programs, and to ensure that all Federal Government borrowing from the #public is conducted through the Treasury and not through program agencies.
Congress gave the #FFB the authority to purchase any obligation issued, sold, or guaranteed by a Federal agency.
Purchasing an obligation “issued” by a Federal agency means making a direct loan to a Federal agency with authority to borrow.
Purchasing an obligation “sold” by a Federal agency means buying an asset from the agency’s balance sheet, such as a loan made and held by the agency.
Purchasing an obligation “guaranteed” by a Federal agency means making a loan, typically to a private sector party, with a guarantee from the agency to pay all or part of the principal or interest.
The FFB’s activities are included in the Budget of the United States and consolidated into the Financial Report of the United States.
#PublicLawNo. 93-224, The #FederalFinancing Bank Act of 1973
FFB Lending Policy
FFB Borrowing Policy
If you expect to receive a Summons, Writ or Warrant, or to have any interaction with a court, this is critical information for you. More information at: https://www.idpservice.org/
Jacquie Figg – Without The Right Seal It Is Not A True Court
…The key word within the meaning of “debt” is “alleged”!!! And this is why the FML is the United States, State of XXX, and why the obligations of the United States exists, [See: 18 usc 8], and why the TWEA exists, and why the location of the United States/ FML is the Debtor, and why the United States is located in the District of Columbia [See UCC 9-307(h)], and thus why the 14th Amendment and District of Columbia Act of 1871 existed before the B.O.E. and I.B.O.E. act(s). They had to get rid of the old method of Slavery, (13th Amendment) per se, so they gave you the Birth Cert PERSON, as security, so granted, as per the rules of Usufruct; And further why Social Security exists. There is no way to PAY a debt (since the abrogation of the Gold clause) except by way of negotiable instruments. (Remember, money is a medium of exchange) … So, learn how to tender, to properly endorse, discharge and extinguish, and/or use such right to set-off…
…by: Shawn Aaron… copyclaimant. 2023-present day….
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