A Crucial Great Taking Update: Bankers Bare Their Fangs and Threaten the State

David Rogers Webb, video screenshot

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 ownership 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.

.

.

Summary by JW Williams

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a securities law professor, said that if the bill to restore property rights was passed, financial services would be withdrawn from the state!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’.

§ 8-511. 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.

https://www.law.cornell.edu/ucc/8/8-511

 

Visit our Classified ads.

Check out our Classified ads at the bottom of this page.

Recent stories & commentary

  • Save
War

Congress Moves Toward Automatic Registration for a Military Draft

June 21, 2024 AntiWar 1

A proposal expands required draft registration to young women. Another proposal is for automatic registration for young men only. The automatic registration would use data gleaned from the Social Security Administration, IRS, US Citizenship and Immigration Services, etc to identify and locate the young men.

Classified Ads

The appearance of ads on this site does not signify endorsement by the publisher. We cannot vouch for accuracy of statements or integrity of advertisers. We will investigate complaints, however, and remove any message we find to be misleading or that promotes anything fraudulent or unethical.
For ad rates, click here.

Subscribe
Notify of
guest
2 Comments
Oldest
Newest Most Voted
Inline Feedbacks
View all comments
Duane Sickmann
Duane Sickmann
2 months ago

The UCC was foreclosed as is described in the OPPT FORECLOSURE FLYER https://i-uv.com/oppt-absolute/oppt-tools/the-foreclosure-flyer/
Read material provided then scroll down for the actual flyer.

These facts can’t be disclosed to a lawyer as provided by retired Judge Dale in his Great American Adventure publication available here: https://anticorruptionsociety.wordpress.com/
Or try this link: https://archive.org/details/the-great-american-adventure_202203

Get a Paralegal to get your answers after you have a Non Disclosure Agreement signed by them first to protect yourself OK as these are serious matters being revealed.

James
James
2 months ago
Reply to  Duane Sickmann

Okay, but can you show where this works? Who has had success? Has anyone gotten into trouble from using this?