All bank loans are fraud
Wednesday, May 15, 2013 16:41
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Subject: All bank loans are fraud
FACTS ABOUT THE GLOBAL BANKING MACHINE
1) All the major banks in the world are owned and
controlled by the banking families.
controlled by the banking families.
2) They control the entire process of the creation, the
printing, and supply of money around the world.
printing, and supply of money around the world.
3) The three biggest names in this cartel are the
Rothschilds; Rockefellers and Morgans, and they ultimately own or control all
the banks in the world, together with a small number of other powerful banking
families, like Carnegie, Harriman, Schiff, and Warburg.
Rothschilds; Rockefellers and Morgans, and they ultimately own or control all
the banks in the world, together with a small number of other powerful banking
families, like Carnegie, Harriman, Schiff, and Warburg.
4) Collectively they have become known as the “banksters”
by those who became aware of their devious activity.
by those who became aware of their devious activity.
5) All the major central banks of the world, including
the Reserve Bank of South Africa, just like the Federal Reserve Bank in the
USA, are privately owned corporations with complete control of the financial
markets.
the Reserve Bank of South Africa, just like the Federal Reserve Bank in the
USA, are privately owned corporations with complete control of the financial
markets.
6) These banking families and central banks are a law
unto themselves and do not have to answer to anyone. For example, section 33 of
the South African Reserve Bank Act allows them to keep their actions secret.
unto themselves and do not have to answer to anyone. For example, section 33 of
the South African Reserve Bank Act allows them to keep their actions secret.
7) The global financial system created around the supply
of money is so convoluted and complex that only a few people truly understand
it. This is always used as an excuse to exclude the involvement of ordinary
people.
of money is so convoluted and complex that only a few people truly understand
it. This is always used as an excuse to exclude the involvement of ordinary
people.
8) The deeply complex legal system is used in the same
way to manipulate and support this structure, denying the ordinary person
access to lawful justice.
way to manipulate and support this structure, denying the ordinary person
access to lawful justice.
9) Lawful justice cannot exist under the situation where
the country is a corporation; the president appoints the judges, therefore the
judges work for the corporation and have to uphold the wellbeing of the
corporation – not the people. And the courts are mere enforcers of the banking
policy.
the country is a corporation; the president appoints the judges, therefore the
judges work for the corporation and have to uphold the wellbeing of the
corporation – not the people. And the courts are mere enforcers of the banking
policy.
10) Banks officially do not work with money. They work
with Bills of Exchange, Negotiable Instruments and Promissory Notes.
with Bills of Exchange, Negotiable Instruments and Promissory Notes.
11) The word ‘money’ does not even have a definition in
the Bank Act of South Africa, neither is the word ‘payment’ defined.
the Bank Act of South Africa, neither is the word ‘payment’ defined.
12) All the major money of the world is ‘FIAT’ money –
this basically means that it has no intrinsic value AND it is not supported by
any precious metals like gold or silver, as it was a long time ago. FIAT money
is created by banks, out of thin air, when you take out a “loan.” There is
actually no real loan – nothing physical is exchanged – this is the equivalent
of counterfeiting. South Africa’s money supply has quadrupled in the past
decade, and yet this increase supply has not seen a parallel increase in gold,
silver or other real commodity reserves.
this basically means that it has no intrinsic value AND it is not supported by
any precious metals like gold or silver, as it was a long time ago. FIAT money
is created by banks, out of thin air, when you take out a “loan.” There is
actually no real loan – nothing physical is exchanged – this is the equivalent
of counterfeiting. South Africa’s money supply has quadrupled in the past
decade, and yet this increase supply has not seen a parallel increase in gold,
silver or other real commodity reserves.
13) This means that the paper/plastic money we use is
completely worthless.
completely worthless.
They are just fancy pieces of paper with some fancy logos
printed on them with no value at all. The ‘value’ is derived purely from the
masses of people who have confidence in their currency and keep using it as a
method of exchange.
printed on them with no value at all. The ‘value’ is derived purely from the
masses of people who have confidence in their currency and keep using it as a
method of exchange.
14) For example, very few people know that a payment /
commission / legal bribe is paid to the South African government every time a
worn note or coin is returned to the SA Reserve bank. This payment is called
seigniorage and allows our government to profit from the exploitation of the
people by the paper/plastic money controlled by the Reserve Bank, and
ultimately the Bank For International Settlements from whom our Reserve Bank
receives their orders.
commission / legal bribe is paid to the South African government every time a
worn note or coin is returned to the SA Reserve bank. This payment is called
seigniorage and allows our government to profit from the exploitation of the
people by the paper/plastic money controlled by the Reserve Bank, and
ultimately the Bank For International Settlements from whom our Reserve Bank
receives their orders.
15) Yet it is illegal to destroy these worthless pieces
of paper, and people who introduce alternative pieces of paper, or copy these
pieces of paper are jailed for infringement of its copyright.
of paper, and people who introduce alternative pieces of paper, or copy these
pieces of paper are jailed for infringement of its copyright.
16) The only reason our money has any value, is because
we give it value – our perception of value is the only value it has. If the
people lose faith in their money, the money will collapse, because nothing
supports it. In fact the word ‘credit’ comes from the Latin credere which means
“to believe.” Evidence of this is found almost every time a central bank
governor opens their mouth. You will hear the word “confidence” uttered over
and over and over again because the prime directive of a central bank governor
is to maintain confidence in banking at all costs. Erosion in confidence leads
to the collapse of the system. This is precisely why they placed Nelson
Mandela’s face on the new South African notes – to instill and renew confidence
in our money and abuse the man’s commitment to freedom.
we give it value – our perception of value is the only value it has. If the
people lose faith in their money, the money will collapse, because nothing
supports it. In fact the word ‘credit’ comes from the Latin credere which means
“to believe.” Evidence of this is found almost every time a central bank
governor opens their mouth. You will hear the word “confidence” uttered over
and over and over again because the prime directive of a central bank governor
is to maintain confidence in banking at all costs. Erosion in confidence leads
to the collapse of the system. This is precisely why they placed Nelson
Mandela’s face on the new South African notes – to instill and renew confidence
in our money and abuse the man’s commitment to freedom.
17) Banks create money out of “THIN AIR” by simply
creating debits and credit on the accounting computer system. This is called
the Matching Principle and is governed by the Generally Accepted Accounting
Principles (GAAP). A “loan” is not a loan in the ordinary sense of the word, it
is an instruction that you, the customer signs, in the process creating a
promissory note, which you “submit” to the bank authority, giving the bank
permission to issue one of their promissory notes in return. Their promissory
note (which comes in the form of a computer generated bank
creating debits and credit on the accounting computer system. This is called
the Matching Principle and is governed by the Generally Accepted Accounting
Principles (GAAP). A “loan” is not a loan in the ordinary sense of the word, it
is an instruction that you, the customer signs, in the process creating a
promissory note, which you “submit” to the bank authority, giving the bank
permission to issue one of their promissory notes in return. Their promissory
note (which comes in the form of a computer generated bank
statement) is designed to look like a loan. So, their
promise back to you (in exchange for your promise to them) is the loan you are
receiving. So, in essence, you instructed the bank to make money out of thin
air. Because you are none the wiser, you agree to the exploitative terms and
conditions outlined in the agreement which, of course, the courts will enforce
in their favour.
promise back to you (in exchange for your promise to them) is the loan you are
receiving. So, in essence, you instructed the bank to make money out of thin
air. Because you are none the wiser, you agree to the exploitative terms and
conditions outlined in the agreement which, of course, the courts will enforce
in their favour.
18) Banks do not have money of their own to lend you as
most people believe.
most people believe.
No money existed in the system before the so called
“loan” was granted to you.
“loan” was granted to you.
19) Banks create money on the signatures of their clients
and the so-called contracts and loans they make the customer sign. These
contracts are sold in a process called securitisation to third parties, who in
turn sell it on the global stock markets. This is a highly secretive and well
guarded technique in which they profiteer and create undue enrichment. Then
they bundle such loans and sell them back to the people via pensions funds and
insurance policies. Are you confused yet? You should be – many lawyers and most
judges do not understand this and this is why we had to study this ourselves to
be able to defend ourselves in the courts against those lawyers who defend the
banksters and understand it well. The people have to know.
and the so-called contracts and loans they make the customer sign. These
contracts are sold in a process called securitisation to third parties, who in
turn sell it on the global stock markets. This is a highly secretive and well
guarded technique in which they profiteer and create undue enrichment. Then
they bundle such loans and sell them back to the people via pensions funds and
insurance policies. Are you confused yet? You should be – many lawyers and most
judges do not understand this and this is why we had to study this ourselves to
be able to defend ourselves in the courts against those lawyers who defend the
banksters and understand it well. The people have to know.
20) By selling your signature or ‘promissory note’ or
mortgage bond contract, they lose all legal rights to any property that they
financed. In legal terms this is called losing ‘locus standi’.
mortgage bond contract, they lose all legal rights to any property that they
financed. In legal terms this is called losing ‘locus standi’.
21) When the bank securitises a loan, they get paid the
full capital amount of the loan, plus interest, up front. This means that your
loan has actually been pre-settled by a third party who is insured in case you
default, while you have no idea that this is going on behind the scenes.
full capital amount of the loan, plus interest, up front. This means that your
loan has actually been pre-settled by a third party who is insured in case you
default, while you have no idea that this is going on behind the scenes.
22) The banks break contract law by claiming to lend what
they do not possess – money. They only create money, in most cases cyber-money,
after you signed all the documents and they sold your promissory note to the
third party who then on-sells it, sometimes many times, to other parties by
trading it on the global stock markets. This is why securitisation is a ponzi /
pyramid scheme that everyone must become aware of. It is also known as “shadow
banking” which is easy to research online.
they do not possess – money. They only create money, in most cases cyber-money,
after you signed all the documents and they sold your promissory note to the
third party who then on-sells it, sometimes many times, to other parties by
trading it on the global stock markets. This is why securitisation is a ponzi /
pyramid scheme that everyone must become aware of. It is also known as “shadow
banking” which is easy to research online.
23) They do not disclose any of this to their customers,
keeping us in the dark. You believed that they actually loaned real money. This
is a lie. They never loaned you anything of any value and therefore there was
never “equal consideration” where both you and the bank stands to lose
something. This flies in the face of basic contract law, never mind common
morality among people. But then banks are not people – they are legal fiction
corporations.
keeping us in the dark. You believed that they actually loaned real money. This
is a lie. They never loaned you anything of any value and therefore there was
never “equal consideration” where both you and the bank stands to lose
something. This flies in the face of basic contract law, never mind common
morality among people. But then banks are not people – they are legal fiction
corporations.
24) You created all the value with your own mind and it
was your signature that caused the release of money from the third party buyer,
which the bank received on your behalf – except they never informed you of
that, did they?
was your signature that caused the release of money from the third party buyer,
which the bank received on your behalf – except they never informed you of
that, did they?
25) The banks act as intermediaries, like estate agents,
because they do not lend us THEIR money. Since they do not lend us anything,
but only obtain it on the strength of our signatures, from a third party, any
interest they charge is pure extortion and fraud. Disclosure must take place
for a valid agreement to occur.
because they do not lend us THEIR money. Since they do not lend us anything,
but only obtain it on the strength of our signatures, from a third party, any
interest they charge is pure extortion and fraud. Disclosure must take place
for a valid agreement to occur.
26) The money in South Africa is printed by the South
African Mint – also a private company that simply profiteers on the hard work
of our people.
African Mint – also a private company that simply profiteers on the hard work
of our people.
However, recently this has been outsourced to Sweden
which was a disaster, causing huge embarrassment for the Reserve Bank after
several billion Rands worth of notes were printed incorrectly with the wrong
dimensions and had to be destroyed.
which was a disaster, causing huge embarrassment for the Reserve Bank after
several billion Rands worth of notes were printed incorrectly with the wrong
dimensions and had to be destroyed.
27) The Reserve Bank, which is a private company, is in
charge of printed money, which it sells or loans it to the banks at a fraction
of the face value of the bank notes.
charge of printed money, which it sells or loans it to the banks at a fraction
of the face value of the bank notes.
28) When the banks return the used bank notes to the
Reserve Bank, they get paid almost the entire full face value of those bank
notes, creating enrichment out of thin air for themselves, by creating money
out of thin air from shuffling paper.
Reserve Bank, they get paid almost the entire full face value of those bank
notes, creating enrichment out of thin air for themselves, by creating money
out of thin air from shuffling paper.
29) Banks practice what is called “Fractional Reserve
Banking”. This means that they only have to retain a small percentage of any
deposit and can lend out the rest many times over to the public, creating a
spiral of debt on money that does not even exist.
Banking”. This means that they only have to retain a small percentage of any
deposit and can lend out the rest many times over to the public, creating a
spiral of debt on money that does not even exist.
30) For example: For every $100 you deposit, the bank
lends out about $900 of imaginary fictitious money to their clients. The real
fraud is that they charge compounded interest on this non-existent money. This
is blatant fraud and anyone else would be jailed for a long time for doing
this.
lends out about $900 of imaginary fictitious money to their clients. The real
fraud is that they charge compounded interest on this non-existent money. This
is blatant fraud and anyone else would be jailed for a long time for doing
this.
31) Interest is charged up front. Interest is considered
“real money” by the bank, and so they can make more loans, out of thin air,
against that interest, that did not exist in the first place.
“real money” by the bank, and so they can make more loans, out of thin air,
against that interest, that did not exist in the first place.
32) As it stands today, there is not enough money in the
world to pay off all the debt in the world, because of interest. This is
exactly the situation the banksters wanted to create. A situation that gives
them complete control over property and other assets that can be repossessed by
the banks only to re-sell it to another naive person who will most likely end
up in the same debt situation.
world to pay off all the debt in the world, because of interest. This is
exactly the situation the banksters wanted to create. A situation that gives
them complete control over property and other assets that can be repossessed by
the banks only to re-sell it to another naive person who will most likely end
up in the same debt situation.
33) All this activity is continually supported by the legal
system and the ignorant judges who just perpetuate the fraud in the face of
clear evidence.
system and the ignorant judges who just perpetuate the fraud in the face of
clear evidence.
34) In some countries, hard working people are jailed for
not being able to repay their debt. This a blatant crime against humanity for
which the bankers should be jailed and the judges should be answerable to the
people they serve. But then, they don’t serve the people, they serve the
corporation that employs them – THE REPUBLIC OF SOUTH AFRICA and other
corporations that masquerade as countries.
not being able to repay their debt. This a blatant crime against humanity for
which the bankers should be jailed and the judges should be answerable to the
people they serve. But then, they don’t serve the people, they serve the
corporation that employs them – THE REPUBLIC OF SOUTH AFRICA and other
corporations that masquerade as countries.
35) The printed notes we call money are really
instruments of debt and should be illegal. Money as we know it today can only
be issued as debt. In fact, about 40% of the debt of the USA is fictitious /
counterfeit debt, owed to the Federal Reserve Bank who initially created it out
of nothing and then charged interest on that debt. All the income tax collected
in the US is used to pay off just the interest portion of the debt to the
Federal Reserve Bank owners.
instruments of debt and should be illegal. Money as we know it today can only
be issued as debt. In fact, about 40% of the debt of the USA is fictitious /
counterfeit debt, owed to the Federal Reserve Bank who initially created it out
of nothing and then charged interest on that debt. All the income tax collected
in the US is used to pay off just the interest portion of the debt to the
Federal Reserve Bank owners.
This is just a small taste of the convoluted web of
deception that has been created to keep us ignorant and completely enslaved to
the global control of the banksters.
deception that has been created to keep us ignorant and completely enslaved to
the global control of the banksters.
There is no reason why we, the people, cannot create our
own new form of money as an alternative to the banks’ tools of enslavement and
use this new money as an interim tool to stabilise the economic crisis. A
lawful kind of money that serves the people.
own new form of money as an alternative to the banks’ tools of enslavement and
use this new money as an interim tool to stabilise the economic crisis. A
lawful kind of money that serves the people.
-Brian Kelly
Everyone that has ever gotten a “loan” from a
bank needs to read and understand this.
bank needs to read and understand this.
SOME OF US HAVE BEEN ARGUING THIS IN COURTS AND HAVE BEEN
DENIED JUSTICE.
DENIED JUSTICE.
WE HAVE BEEN RIDICULED, SNEERED AT, IGNORED AND DEFRAUDED
BY THE SO CALLED “JUSTICE SYSTEM” AND THE PERSONS IN BLACK ROBES
ISSUING BIASED “DECISIONS” THAT PERVERT THEIR OWN “LAWS” IN
FAVOR OF THE CORPORATIONS AND BANKSTERS THEY SERVE.
BY THE SO CALLED “JUSTICE SYSTEM” AND THE PERSONS IN BLACK ROBES
ISSUING BIASED “DECISIONS” THAT PERVERT THEIR OWN “LAWS” IN
FAVOR OF THE CORPORATIONS AND BANKSTERS THEY SERVE.
WHAT IS TRUE IN SOUTH AFRICA IS TRUE IN AMERICA AND
EVERYWHERE THE FEDERAL RESERVE SYSTEM AND FRACTIONAL RESERVE BANKING IS
PRACTICED.
EVERYWHERE THE FEDERAL RESERVE SYSTEM AND FRACTIONAL RESERVE BANKING IS
PRACTICED.
[Original email is below these explanatory entries]
What is “fraud”?
fraud
noun (Concise Encyclopedia)
In law, the deliberate misrepresentation of fact for the
purpose of depriving someone of a valuable possession or legal right. Any
omission or concealment that is injurious to another or that allows a person to
take unconscionable advantage of another may constitute criminal fraud. The
most common type of fraud is the obtaining of property by giving a check for
which there are insufficient funds in the signer’s account. Another is the
assumption of someone else’s or a fictitious identity with the intent to
deceive. Also important are mail and wire fraud (fraud committed by use of the
postal service or electronic devices, such as telephones or computers). A tort
action based on fraud is sometimes referred to as an action of deceit.
purpose of depriving someone of a valuable possession or legal right. Any
omission or concealment that is injurious to another or that allows a person to
take unconscionable advantage of another may constitute criminal fraud. The
most common type of fraud is the obtaining of property by giving a check for
which there are insufficient funds in the signer’s account. Another is the
assumption of someone else’s or a fictitious identity with the intent to
deceive. Also important are mail and wire fraud (fraud committed by use of the
postal service or electronic devices, such as telephones or computers). A tort
action based on fraud is sometimes referred to as an action of deceit.
Effect On Contract Of Fraud In The Inducement Description
This section is from the book “The Law Of
Contracts”, by William Herbert Page. Also available from Amazon:
Commercial Contracts:
Contracts”, by William Herbert Page. Also available from Amazon:
Commercial Contracts:
A Practical Guide to Deals, Contracts, Agreements and
Promises.
Promises.
Sec. 341. Effect On Contract Of Fraud In The Inducement
As affecting the validity of the contract, fraud in the
inducement renders the contract voidable, not void.1 Such contract may be
avoided by the defrauded party if he so wishes,2 but until it is avoided it is
binding,3 and it may be ratified.4
inducement renders the contract voidable, not void.1 Such contract may be
avoided by the defrauded party if he so wishes,2 but until it is avoided it is
binding,3 and it may be ratified.4
Ohio. Linerode v. Rasmueseil, 63 O. 8. 545, 59 N. E. 220.
Oklahoma. Silverwood v. Carpenter (Okla.), 152 Ac. 381.
Oregon. Zobrist v. Estes, 65 Or. 573, 133 Ac. 644.
Pennsylvania. Curtis v. Buzard, 254 Pa. St. 61, 98 Atl.
777.
777.
Washington. Hunt v. Allison, 77 Wash. 58, 137 Ac. 322;
Bunck v. Mc-Aulay, 84 Wash. 473, 147 Ac. 33.
Bunck v. Mc-Aulay, 84 Wash. 473, 147 Ac. 33.
West Virginia. Averill v. Boyer, 76 W. Va. 642, 87 S. E.
259.
259.
Wisconsin. Welch v. Dunning, 163 Wis. 535, 158 N. W. 323.
Contra, that the measure of damages is the difference
between the value of the article and the contract price, thus depriving the
vendee of the benefit of his bargain. George v. Hesse, 100 Tex. 44,
between the value of the article and the contract price, thus depriving the
vendee of the benefit of his bargain. George v. Hesse, 100 Tex. 44,
123 Am. St. Rep. 772, 8 L. R. A. (N.S.) 804, 93 S. W.
107.
107.
11 Vivian v. Allen, 9 Colo. App. 147, 47 Ac. 844; George
v. Hesse,
v. Hesse,
100 Tex. 44, 123 Am. St. Rep. 772, 8 L. R. A. (N.S.) 804,
93 S. W. 107; Potter v. Lumber Co., 105 Wis. 25, 80 N. W. 88, 81 N. W. 118.
93 S. W. 107; Potter v. Lumber Co., 105 Wis. 25, 80 N. W. 88, 81 N. W. 118.
12 See Sec. 359.
1 United States. Gillespie v. Piles, 178 Fed. 886, 102 C.
C. A. 120,
C. A. 120,
44 L. R. A. (N.S.) 1.
California. Davis v. Bulter, 154 CaL 623, 98 Ac. 1047.
Colorado. Zang v. Adams, 23 Colo. 408, 58 Am. St. Rep.
249, 48 Ac. 509.
249, 48 Ac. 509.
Idaho. Breshears v. Callender, 23 Idaho 348, 131 Ac. 15.
Illinois. Union, etc., Co. v. Mallory, 157 111. 554, 48
Am. St. Rep. 341, 41 N. E. 888.
Am. St. Rep. 341, 41 N. E. 888.
Indiana. South Bend & Mishawaka Gas Co. v. Jensen,
182 Ind. 557,
182 Ind. 557,
105 N. E. 774.
Iowa. Kearney, etc., Co. v. Ry Co., 97 la. 719, 59 Am.
St. Rep. 434,
St. Rep. 434,
66 N. W. 1059; Richards v. School Township, 132 la. 612,
109 N. W. 1093; Blake v. Osmundson, 178 la. 121, 159 N. W. 766.
109 N. W. 1093; Blake v. Osmundson, 178 la. 121, 159 N. W. 766.
Kentucky. Smith v. Hornback, 14 Ky. (4 Litt.) 232, 14 Am.
Dec. 122.
Dec. 122.
Missouri. Och v. Ry., 130 Mo. 27, 36 L. R. A. 442, 31 S.
W. 962.
W. 962.
Nebraska. Linton v. Sheldon, 98 Neb. 834, 154 N. W. 724.
New Jersey. Elmer v. Loper, 66 N. J. L. 50, 48 Atl. 550.
New York. Butler v. Prentiss. 158 N. Y. 49, 52 N. E. 652;
Smith v. Ryan, 191 N. Y. 452, 123 Am. St. Rep. 609, 84 N. E. 402.
Smith v. Ryan, 191 N. Y. 452, 123 Am. St. Rep. 609, 84 N. E. 402.
Oklahoma. Wingate v. Render, – Okla. – , 160 Pac.614.
It has been said in some jurisdictions that a contract
induced by fraud is “of no more binding efficacy * * * than if it had no
existence or were a piece of waste paper,”5 which was a case of fraud as
to the contents of a written instrument, or “mere paper and ink, without
the slightest substance of legal efficacy.”6 If the courts were not
discussing fraud as to the contents of the instrument, the language which is
used must probably not be taken literally. A contract of employment obtained by
fraudulent representation as to the age of a minor employe has been treated as
a nullity, and the minor has been held to be a mere trespasser, for the purpose
of relieving the employer from liability for negligence.7
induced by fraud is “of no more binding efficacy * * * than if it had no
existence or were a piece of waste paper,”5 which was a case of fraud as
to the contents of a written instrument, or “mere paper and ink, without
the slightest substance of legal efficacy.”6 If the courts were not
discussing fraud as to the contents of the instrument, the language which is
used must probably not be taken literally. A contract of employment obtained by
fraudulent representation as to the age of a minor employe has been treated as
a nullity, and the minor has been held to be a mere trespasser, for the purpose
of relieving the employer from liability for negligence.7
In some cases a contract procured by fraud upon a public
corporation is said to be void and not voidable. Thus where A, an agent of a
corporation selling maps, promised to pay B, a member of a board of education,
a sum of money to compensate him for time lost by him in attending a board
meeting, and at such meeting maps were purchased from such corporation, B’s
vote being necessary to carry such resolution, the contract of purchase was
held “void,” even though no intention on A’s part existed to
influence B’s action.8 In cases of this sort, however, the contract is void
because the public officers are incompetent to act. Fraud is material only as
creating such incompetency.
corporation is said to be void and not voidable. Thus where A, an agent of a
corporation selling maps, promised to pay B, a member of a board of education,
a sum of money to compensate him for time lost by him in attending a board
meeting, and at such meeting maps were purchased from such corporation, B’s
vote being necessary to carry such resolution, the contract of purchase was
held “void,” even though no intention on A’s part existed to
influence B’s action.8 In cases of this sort, however, the contract is void
because the public officers are incompetent to act. Fraud is material only as
creating such incompetency.
Texas. Perry v. Bassett, 16 Tex. Civ. App. 288, 41 S. W.
523.
523.
West Virginia. Coffman v. Viquesney, 76 W. Va. 84, 84 S.
E. 1069.
E. 1069.
Wisconsin. Clothing Co. v. Hulbert, 98 Wis. 183, 73 N. W.
784.
784.
2 United States. In re Hunter-Rand Co., 241 Fed. 175.
Iowa. McCord v. Mitchell, – la. – , 165 N. W. 453;
Dilenbeck v. Davis, 172 N. W. 184.
Dilenbeck v. Davis, 172 N. W. 184.
Massachusetts. Scott v. Bevilacqua, 226 Mass. 554, 116 N.
E. 663.
E. 663.
New Mexico. Morstad v. Atchison, Topeka & Santa Fe
Ry. Co., – N. M. – , 170 Ac. 886.
Ry. Co., – N. M. – , 170 Ac. 886.
New York. Ettlinger v. National Surety Co., 221 N. Y.
467,117 N. E. 945.
467,117 N. E. 945.
North Carolina. Wilson v. Lewis, 170 N. Car. 47, 80 S. E.
804.
804.
North Dakota. Gilmore v. Western Electric Co., 172 N. W.
111.
111.
Oregon. Multnomah County v.
Standard American Dredging Co., – Or. – , 180 Ac. 508.
Utah. Swanson v. Sims, – Utah – , 170 Ac. 774.
3 Lowery v. Mutual Loan Society, – Ala. – , 79 So. 389;
Jones v. Rhoades, 167 la. 562, 149 N. W. 637; Gross v. Bibo, 19 N. M. 495,
Jones v. Rhoades, 167 la. 562, 149 N. W. 637; Gross v. Bibo, 19 N. M. 495,
145 Ac. 480.
4 See Sec. 354 et seq.
5 J. A. Fay & Egan Co. v. Independent Lumber Co., 178
Ala. 166,
Ala. 166,
59 So. 470 [citing Burroughs v. Pacific Guano Co., 81
Ala. 255,
Ala. 255,
1 So. 212].
6 Williams v. Moore-Gaunt Co., 3 Ga. App. 756, 60 S. E.
372 [citing, among other cases, Barrie v. Miller, 104 Ga. 312, 69 Am. St. Rep.
171, 30 S. E. 840; and McCrary v. Pritchard, 119 Ga. 876, 47 S. E. 341].
372 [citing, among other cases, Barrie v. Miller, 104 Ga. 312, 69 Am. St. Rep.
171, 30 S. E. 840; and McCrary v. Pritchard, 119 Ga. 876, 47 S. E. 341].
7 Norfolk & Western Ry. Co. v. Bon-durant, 107 Va.
515, 122 Am. St. Rep. 867, 15 L. R. A. (N.S.) 443, 59 S. E. 1091.
515, 122 Am. St. Rep. 867, 15 L. R. A. (N.S.) 443, 59 S. E. 1091.
It is probably proper to say that there is no
“valid” contract until ratification, since a contract induced by
fraud may be avoided until the right to avoid is barred by ratification or by
lapse of time.9
“valid” contract until ratification, since a contract induced by
fraud may be avoided until the right to avoid is barred by ratification or by
lapse of time.9
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Sec. 342. Informal Rescission At Law – Recovery Of Value
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All Loans are Fraud
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Tuesday, May 14, 2013]
Tuesday, May 14, 2013]
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