Secured Property: 1099-A Acquisition or Abandonment

This article covers form 1099-A, the acquisition or abandonment of secured property. In the United States, only the people have the energy to generate money, and in today’s system, credit, promises, and security ‘interests’ circulate as money.

Interest in things and secured property like real estate, bank account deposits, federal reserve notes, promissory notes, credit agreements, Intangibles, and bodies, therefore money and things aren’t necessary.

What is the legal definition of ‘Interest’ ?

Definition & Citations:

In property. The most general term that can be employed to denote a property in lands or chattels. In its application to lands or things real, it is frequently used in connection with the terms “estate.” “right,” and “title,” and, according to Lord Coke, it properly includes them all. Co. Litt. 345 ft. See Ragsdale v. Mays. 65 Tex. 257; Hurst v. Hurst, 7 W. Va. 297; New York v. Stone, 20 Wend. (N. Y.) 142; State v. Mc- Kellop, 40 Mo. 185; Loventlial v. Home Ins. Co., 112 Ala. 110. 20 South. 419, 33 L. R. A. 258, 57 Am. St. Rep. 17.

More particularly it means a right to have the advantage accruing from anything; any right in the nature of property, but less than title; a partial or undivided right; a title to a share. The terms ‘interest’ and ‘title’ are not synonymous. A mortgagor in possession, and a purchaser holding under a deed defectively executed, have, both of them, absolute as well as insurable interests in the property, though neither of them has the legal title. Hough v. City F. Ins. Co., 29 Conn. 20, 76 Am. Dec. 581.

In simple terms, two kinds of people have a real and insurable stake in the property. The first is a person who has a mortgage on a property (mortgagor) and lives in it. The second is someone who has bought a property but whose paperwork didn’t go through correctly. This holds true even though, legally, they don’t hold the official document that says they own the property. In addition, they both have enough of a connection to the property that they can get insurance for it.

Examples of Intangible Secured Property:

Federal Reserve Notes
Account Deposits
Promissory Notes
Credit Agreements
Credit
Stocks
Bonds
Trademarks
Patents

What is the definition of ‘Property’ ?

Property is anything (items or attributes/tangible or Intangible) that a person or entity can own. That includes Intangibles such as: checks, federal reserve notes, promissory notes, credit, and credit agreements, and it goes beyond them.

In addition, property is the most complete right to something. The owner can possess, use, transfer or dispose of it. According to California Civil Code (CIV) Section 657 and 663, the property splits into real property and personal property.

Next, real property consists of land and items which are immovable by law (like structures or bridges). Anything that is not real property is personal property. Physical form makes tangible property, like houses, apples, and cellphones. Then there is intangible property, which counts as anything you cannot physically hold, like copyrights, trademarks, or the goodwill of a company.

Copyrights, trademarks, trade secrets, and patents are also intellectual property. If the government or a public department holds the property, you should list it as public property. Otherwise, it counts as private property.

Finally, the IRS confirms this again in its 1099-A and 1099-C instructions, “any real property (such as a personal residence), any intangible property, and tangible personal property..”

secured property 1099A intangibles like dollars:federal reserve notes, checks, checking account deposits, credit agreements, promissory notes, and credit use

Events of 1933

You may recall from the U.S. bankruptcy article that shortly after Frank D. Roosevelt’s inauguration, he called a special session of Congress. He asked Congress to pass emergency banking legislation. Then, on March 9, 1933, Congress passed the emergency measure that FDR requested, declaring a banking holiday. This legislation changed the fundamental nature of the banking systems.

In addition, all banks had to become members of the Federal Reserve system. This act also made the Federal Reserve Note the only paper currency valid in the US. Gold was no longer going to back the Federal Reserve Notes (FRN). Only the credit of the people and their property was going to back them. For example, a quote from the Congressional Record that occurred during the debate on the bill demonstrates this fact. “The money will be worth 100 cents on the dollar because it is backed by the credit of the Nation. It will represent a mortgage on all the homes and other property of all the people in the Nation.” [Congressional Record, March 9, 1933, emphasis added]

As a result of HJR 192, the people can no longer pay their debts. They have nothing of value to give in exchange for the goods and services they need. According to HJR 192, we can only discharge our debts. This was a huge change in our society. However, very few people realized what had occurred.

In addition, as you are well aware by now, lawful money no longer exists in our economic system. FEDERAL RESERVE “Notes” replaced it, and they are, in effect, promissory notes. This procedure to allow offset of debt is the proper legal remedy for us to discharge debt, since the U. S. Corporate Government removed the money.

How credit works with secured property

In the past, before 1933, the people dug the gold and silver out of the earth. They took it to an assayer to have authorized agents of the United States coin it. Then they spent or loaned their coins into circulation.

In contrast, since 1933, the people sign notes on their own credit. Authorized agents of the United States convert that credit into currency, and the people spend it into circulation. Also, nothing can happen on the public side until someone on the private side signs something. The signature can be advantageous to the man or not. It is totally up to him.

A bank, for example, cannot lend its own credit. In addition, Fictions have no energy of their own. The people have to supply private credit that public lenders extend to borrowers in the public. all loans in the public necessarily rely on the private credit of the people.

Since the modern commercial system does not use money of exchange, credit is the medium of exchange through money of account. Money of account is digits on accounting ledgers. These digits are international units of measure that pass through Electronic Funds Transfer circuits like International Units of Re-venue does. In effect, they represent Revenue as International units.

People told you to learn your ABC’s.

It had nothing to do with the alphabet. Once you learn the correct ABC’s, you will see that you will now be operating with real “asset” money of lawful exchange on Level 2 of the game board. Then the bankers will hate you. However, they have been the bad guys all along, with their hidden banker’s tax called inflation. It has been a means to deprive you of the true value of your purchases. In other words, legalese stealing from you.

Twenty-three times in recorded history, the people have seen this, and they still can’t read and understand it. Meanwhile, a bank that “extends” credit has to use someone else’s credit and “extend” it to a third party. It is not a loan (B to C). Instead, it is a lengthening of the process (A to B to C).

1099-A abandonment of secured property

The credit comes from A (a man – lender) in the private, through C (U.S. citizen – agent for A), to B (bank – lender) in the public, to C (U.S. citizen – borrower) in the public. If a LENDER loans assets to a BORROWER, the presumption is a re-payment of lent principal. In contrast, if a LENDER notes, within Box 5, a check mark to the left of “yes”, abandonment occurs.

Once said abandonment of secured property occurs, the LENDER can deduct the amount listed on 1099-A/C as “an ordinary loss”. Also, I am including a reference to form 1099-C as a talking point because forms 1099-A and 1099-C are congruous to the outcome one might seek.

Who is the dept. of the Treasury, Internal Revenue Service?

They are the bookkeepers for your credit, your Treasury Direct Account (your SS #). Your Treasury Direct Account is just like your checkbook. It must stay within a reasonable balance. In addition, if it gets too far out of balance on the taxable income side, the IRS will send you a bill.

Next, you file the 1040, 1099 O.I.D., 1096 and 1040-V every year, and they bring your Treasury Direct Account back to ZERO. If you don’t keep your Treasury Direct Account at zero yearly, they may charge you with “criminal charges”. In addition, they may hold your body as collateral until you zero out your Treasury Direct Account, because you are a tax delinquent FUGITIVE! ALL TAXES ARE FEDERAL TAXES; there is no such thing as a State tax.

The corporate United States and the Mortmain Accounts

The corporate UNITED STATES, the FEDERAL RESERVE BANKS and the STATES OF are in fact Bankrupt Governmental Fidelity and Guaranty Usury Companies. They draw their Collateral asset usage from the UNITED STATES Social Security Treasury of “We the People’s” Mortmain Accounts. An Independent UNITED STATES Social Security MORTMAIN Treasury holds those accounts. It operates under the Control of a Secretary of Treasury and the UNITED STATES CORPORATE BANKRPTCY TRUSTEE, located in San Juan, Puerto Rico.

Finally, it is your account and your responsibility to keep your account within reason. YOUR CREDIT IS TAXBLE INCOME = YOU HAVE TO DECLARE YOUR INCOME!!

Assessing taxes on secured property

In order to write off debts, you must charge them, or ASSESS them, as a tax on the 1040 or 1040-V. The Corporations cannot charge or assess taxes. They can collect them, but they can’t write off tax loses because they cannot assess them. They need the accused person to NOT ASSESS the tax, which is a commercial Protest/Dishonor/Default. You have to report the use of your credit, weather you use it or they use it.

In addition, the Commercial Corporations and Companies of the UNITED STATES per their Bankrupt EIN’s have been using the UNITED STATES Social Security Treasury of “We the People’s” Mortmain Accounts as their new yearly operating Collateral. They use it to obtain their Trade/Bank Acceptance Loans from the FEDERAL RESERVE BANKS under Foreign Commercial Usury Banking controls. The Statutes at Large and USC Title 46, the Shipping Act, chapters 73 and 573 cover this Commercial Action.

The trust and the exemption

This is a vitally important concept. The Federal government set up a trust where the Secretary of the Treasury is acting as the trustee. Then the people voluntarily transferred their gold to the government. The gold and perhaps other things are the assets of the trust.

[The people would also be the beneficiaries of this trust. And the people have received an exemption. In the broadest terms, we call what we are owed an exemption.] As a result of the construction of this trust, every obligation, heretofore or hereafter incurred, whether or not any such provision is contained therein or made with respect thereto, shall be discharged upon payment, dollar for dollar, in any coin or currency which at time of payment is legal tender for public and private debts.

We have received an exemption from having to pay our debts. We now have the ability to discharge our debts. To begin to understand how we might access this exemption, we need to look at various forms of payment. We already know that that “all coins and currencies of the United States (including Federal Reserve notes … ) … shall be legal tender.” However, it appears that other forms of payment are also valid, and those listed above do not include them. A quote from the Uniform Commercial Code (UCC) will illustrate this point

The Uniform Commercial Code and exchange contracts

§ 2.304. Price Payable in Money, Goods, Realty, or Otherwise

(a) The price can be made payable in money or otherwise. If it is payable in whole or in part in goods each party is a seller of the goods which he is to transfer.

Next, this quote makes it clear that we may discharge our debts in something other than money, goods, or realty. What could this mean? A quote from a Federal Reserve publication will shed some light on this question.

Modern monetary systems have a fiat base – literally money by decree – with depository institutions, acting as fiduciaries, creating obligations against themselves with the fiat base acting in part as reserves. The decree appears on the currency notes: “This note is legal tender for all debts, public and private.” While no individual could refuse to accept such money for debt repayment, exchange contracts could easily be composed to thwart its use in everyday commerce. However, a forceful explanation as to why money is accepted is that the federal government requires it as payment for tax liabilities. Anticipation of the need to clear this debt creates a demand for the pure fiat dollar. [“Money, Credit and Velocity,” Review, May, 1982, Vol. 64. No. 5, Federal Reserve Bank of St. Louis, p. 25]

In short, the Federal Reserve is saying that the people could easily replace the use of Federal Reserve Notes in daily life by using exchange contracts. This is amazing news. It means that we can use exchange contracts to discharge our debts. We will save the discussion of what an exchange contract is and how we might use it for another topic. For now, however, let’s turn our attention back to 1099-A: Acquisition or Abandonment of Secured Property.

Everything is pre-paid

Another way of looking at our monetary system is to say that everything in our society is pre-paid. The people and their property back all money. Without us, there would be no money in our current system. We have paid for everything in society at the manufacturing level with the money that came from us and our property.

Therefore, everything in existence in our society is an extension of what we are owed and therefore everything is pre-paid by us and for us. In addition, our goal is to show the people how to gain access to what is rightfully theirs. Also, we have been paying the debt with our property, our labor and our taxes. We are owed a great deal.

Key takeaways on secured property and the 1099-A

The article states that credit, promises and security ‘interests’ circulate as money in the United States.
It defines ‘interest’ and ‘property’, and it lists intangible secured property such as Federal Reserve Notes, account deposits, promissory notes, credit agreements, stocks, bonds, trademarks and patents.
It describes the events of 1933, including the emergency banking legislation, HJR 192 and the end of gold backing for Federal Reserve Notes.
It says that when a lender checks “yes” in Box 5, abandonment occurs and the lender can deduct the amount listed on the 1099-A/C as an ordinary loss.
It argues that people have an exemption from paying debts and can only discharge them.

Learn more about Form 1099-A on the IRS website.

1099-A: Acquisition or Abandonment of Secured Property