A CRUCIAL Great Taking Update: Bankers Bare Their Fangs and Threaten the State
David Webb gives an update on the progress of individuals and groups working to restore property rights under states’ Uniform Commercial Code (UCC).
by JW Williams
David Webb gives an update on the progress of individuals and groups working to restore property rights under states’ Uniform Commercial Code (UCC). The UCC redefined property ownership in all 50 states in 1994 and removed ownership of property from individuals. He said that local UCC laws must be re-established and the exceptions to private property ownershi[ must be stricken down.
He described his meetings with Tennessee lawmakers and the banking lobby and how the lobby bared its fangs and threatened to stop doing business with the state.
David Webb said that banking lobbyists, Tim Guggenheim and Tim Amos, attempted to refute the Tennessee’s bill proposing to restore private property rights by saying that there has been no change to property rights, which is demonstrably false. Webb said that the bankers also claimed that the change in the UCC code is about being able to provide margin loans and will create a conflict in law so all of the existing agreements will be invalid. Webb said that the banking lobby lied because they could not refute that the current UCC has destroyed private property ownership.
The Treasurer for the State of Tennessee insisted that restoring property rights through the UCC was such a significant change that it needed to be studied and referred to “summer study” where some people say bills go to die. Webb said that he was told that the Treasurer went to the Tennessee Speaker of the House who intervened with the Chairman of the Committee on this bill and told the Speaker that the bill would be stopped.
Webb recounted that during the second hearing, another banking lobbyist, who was a securities law professor, said that if the bill to restore property rights was passed, financial services would be withdrawn from the state! The banker said that not only would businesses refuse to do business with the state, they will refuse to do business with any other firms doing business with the state. He went on to say that this would be bad for the Depository Trust & Clearing Corporation (DTCC). The bankers bared their fangs and threatened the state.
According to Wikipedia, Tennessee’s Comptroller of the Treasury is Jason Mumpower. The name of the banking lobbyist professor is unknown.
Tennessee’s first committee hearing on the proposed bill to restore the UCC
Here is the UCC Code where you can read for yourself the exception under PART 5 that shows that claim of the ‘securities intermediary’ has priority over the claims of ‘entitlement holders’.
PRIORITY AMONG SECURITY INTERESTS AND ENTITLEMENT HOLDERS.
(a) Except as otherwise provided in subsections (b) and (c), if a securities intermediary does not have sufficient interests in a particular financial asset to satisfy both its obligations to entitlement holders who have security entitlements to that financial asset and its obligation to a creditor of the securities intermediary who has a security interest in that financial asset, the claims of entitlement holders, other than the creditor, have priority over the claim of the creditor.
(b) A claim of a creditor of a securities intermediary who has a security interest in a financial asset held by a securities intermediary has priority over claims of the securities intermediary’s entitlement holders who have security entitlements with respect to that financial asset if the creditor has control over the financial asset.
(c) If a clearing corporation does not have sufficient financial assets to satisfy both its obligations to entitlement holders who have security entitlements with respect to a financial asset and its obligation to a creditor of the clearing corporation who has a security interest in that financial asset, the claim of the creditor has priority over the claims of entitlement holders
Folk singer Brendan Daniel picks up where Oliver Anthony left off, exposing the big secret of the "Rich Men North of Richmond": that "government" is a technique of inter-generational organized crime to rob and control populations. The song was inspired by the book: "Government" - The Biggest Scam in History... Exposed! - How Inter-Generational Organized Crime Runs the "Government," Media and Academia by Etienne de la Boetie2, founder of the Art of Liberty Foundation.