1099-A: Acquisition or Abandonment of Secured Property
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, this means that both a person who has a mortgage on a property (mortgagor) and lives in it, and someone who has bought a property but the paperwork wasn’t done correctly, have a real and insurable stake in the property. This is true even though legally, they don’t hold the official document that says they own the property. 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
What is the definition of ‘Property’ ?
Property is anything (items or attributes/tangible or Intangible) that can be owned by a person or entity. That includes but is not limited to Intangibles such as: checks, federal reserve notes, promissory notes, credit, and credit agreements.
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 is divided into real property and personal property. Real property consists of land and items which are immovable by law (like structures or bridges); property which is not real property is personal property. Property that exists in physical form is tangible property; like houses, apples, and cellphones. Property which cannot be physically held is considered intangible property; like copyrights, trademarks, or the goodwill of a company. Copyrights, trademarks, trade secrets, and patents are also intellectual property. If the property is held by the government or a public department, it should be listed as public property; otherwise it would be considered private property.
This is again confirmed by the IRS on their 1099-A and 1099-C instructions, “any real property (such as a personal residence), any intangible property, and tangible personal property..”
Events of 1933
You may recall from the U.S. bankruptcy article that shortly after Frank D. Roosevelt was inaugurated, he called a special session of Congress. He asked Congress to pass emergency banking legislation. On, March 9, 1933, Congress passed the emergency measure that FDR requested declaring a banking holiday. The fundamental nature of the banking systems was changed in this legislation. As a result of the legislation, all banks had to become members of the Federal Reserve system. This act further made the Federal Reserve Note the only paper currency valid in the US. The Federal Reserve Notes (FRN) were no longer going to be backed by gold but only by the credit of the people and their property. 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. But very few people realized what had occurred. As you are well aware by now, lawful money no longer exists in our economic system. This was replaced by FEDERAL RESERVE “Notes” which are, in effect, promissory notes. This procedure to allow offset of debt is the proper legal remedy that has been provided for us to discharge debt, since the money was removed by the U. S. Corporate Government.
You were told to Learn your ABC’s.
Twenty-three times in recorded history this has been shown to the people and they still can’t read and understand it. When a bank “extends” credit, it has to use someone else’s credit and “extend” it to a third party. It is not a loan (B to C); it is a lengthening of the process (A to B to C).
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 be kept within a reasonable balance. The IRS will send you a bill if it gets to far on the taxable income side, out of balance. The 1040, 1099 O.I.D., 1096 and 1040-V is filed every year and brings 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” and 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, the FEDERAL RESERVE BANKS and the STATES OF are in fact Bankrupt Governmental Fidelity and Guaranty Usury Companies, drawing their Collateral asset usage from the UNITED STATES Social Security Treasury of “We the People’s” Mortmain Accounts that are held in an Independent UNITED STATES Social Security MORTMAIN Treasury under the Control of a Secretary of Treasury and the UNITED STATES CORPORATE BANKRPTCY TRUSTEE, located in San Juan, Puerto Rico. It is your account and your responsibility to keep your account within reason. YOUR CREDIT IS TAXBLE INCOME = YOU HAVE TO DECLARE YOUR INCOME!!
In order for debts to be written off they must be charged ASSESSED 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. The use of your credit has to be reported, weather you use it or they use it. 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 to obtain their Trade/Bank Acceptance Loans from the FEDERAL RESERVE BANKS under Foreign Commercial Usury Banking controls (this Commercial Action is covered by the Statutes at Large and USC Title 46, the Shipping Act, chapters 73 and 573). This is a vitally important concept. Because, the Federal government set up a trust where the Secretary of the Treasury is acting as the trustee. 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 been given an exemption. In the broadest terms, we call what is owed us 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 been given 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.” But it appears that there are other forms of payment which are also valid that are not included in those listed above. A quote from the Uniform Commercial Code (UCC) will illustrate this point
§ 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.
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.