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Is a note, to be treated as cash? It's a debt obligation the same as a Federal Reserve Note or bond is it not?

Marietta, GA |

Is the promissory note on a house a negotiable instrument [Article 3] or a security [Article 8]?

Attorney Answers 2

Posted

No, as with the last question, there is no magical way to file a UCC, or obscure Admiralty law, or theory that the Treasure system is unconstitutional, to get you out of your home loan.

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Posted

Thanks for your reply. I don't have a home loan nor am I looking for a theory or magical way to do anything. I'm simply studying and learning both what is and what isn't. How do you discharge a debt or set-off a debt then, what's the 1.2.3? Why am I hearing stories of debts being discharged and/or setoff all over the place online for the last three years like an epidemic? I've heard either acceptances or setoff bonds are being used to balance accounts?

Posted

A promissory note on a house is a negotiable instrument. If it relates to a home loan then the bank files a security deed on the property or, in other states, a mortgage/deed of trust. These are not filed as UCC statements.

And its not the same as a federal reserve note or cash. The promissory note is secured by the real property.

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Asker

Posted

Thanks for your reply. You've been very helpful.

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