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They may be legal, but they are not sustainable.
eNotes are not legal - [piano- J.McGuire]
The Sell: November/December 1998
"You may have heard the trade name "MERS" or its full legal name, Mortgage Electronic Registration Systems, Inc., and wondered what MERS is. You even may have run across MERS in the chain of title of a mortgage loan. If you haven’t heard about MERS yet, there is a strong likelihood that you will soon. This article should help to keep you from being caught off guard by explaining how MERS works." - by Sharon McGann Horstkamp and William Hultman; Recognize the names?
READ THIS
There really is no such thing as an eNote. eNote is a word made up by the mortgage banking industry for a private registry. But, if you want to call a horse with a cone on its nose a unicorn, go ahead, but the fact is the so-called unicorn is still a horse.
How does the Statute of Frauds [SoF]come into play with electronic records? SoF has been around for a long time. Take for instance; [emphasis added]
"The Statute of Frauds as it exists in the most jurisdictions within the United States is based on a 1677 act passed by the English Parliament. The act was known as "An Act for the Prevention of Frauds and Perjuries."
Part of the reason the Act was passed by Parliament was that at the time the parties to a contract were unable to testify in a court dispute involving a contract to which they were a party. As a result, all testimony in contract disputes at the time was provided by expert witnesses. These witnesses were hired by each side in the dispute. It was possible to hear expert testimony that presented directly conflicting information. A belief arose that the experts in these contractual disputes were under no obligation to tell the truth, and were instead willing to perjure themselves in order to provide testimony beneficial to the party that had hired them and was paying for their services. The reliance on expert witnesses also diminished because of an increased recognition that it was impossible to testify accurately as to the intentions of another individual. In response to these concerns, the Act sought to require contracts to be written down and signatures affixed to these contracts in certain circumstances. The most crucial element is that the requirement that the contracts be written provided evidence that was not dependent on testimony. Instead the existence of written testimony meant that there would be objective evidence, not subject to the requirement of expert testimony. It also lead to the parties in the contract eventually being able to testify in contract disputes on their own part. As a result, it became essential to have objective evidence available that could not be disputed by a party seeking to enhance their own status. - Laws.com
Does the eNote provide the name of the "Issuer"? The paper note provides the name of the "maker". According to most provisions in state codified law, such as in Texas Civil Practice and Remedies Code, it mentions "law of England";
Sec. 5.001. RULE OF DECISION. The rule of decision in this state consists of those portions of the common law of England that are not inconsistent with the constitution or the laws of this state, the constitution of this state, and the laws of this state.
Statute of Frauds is not inconsistant with the Constitution of state law, or such would be known by now, yet eNotes seemingly evade "in-writing" requirements for a paper note? So, if the power goes out, what happens to the electronic contract? Whom enforces what? If the power goes out, you have no proof you even hold the auhoritative copy. You can't get to it because the power is out dummy. Of course, if you are a homeowner with a real property mortgage secretly making its way through the stock market,the worry is not yours. Once it left you, the account debtor used it to defraud "investors". The investors will be after the account debtor, not you. But since they can't find the "issuer", the investors try to come after you because the "issuer" provided a copy of a note reflecting you as the "maker". Even a thief can use the debt against you. Where do you place your trust?
e-Notes are governed by E-SIGN, UETA, sections 1-107, & 1-206, and Articles 2 & 2A, of the Uniform Commercial Code. Not Article 3, nor Article 9, of the Uniform Commercial Code [UCC], even though you may be led to believe. The sale of e-Notes, or interests in e-Notes are not even governed by 9.107 for control of letters of credit; and 9.206 for the security interest in arising from the purchase or delivery of financial assets. Control does have a meaning in E-SIGN. [See 15 USC 7021(b)]. Besides Articles 2 & 2A, sections, [not articles] 1-107 and 1-206 are the ONLY TWO SECTIONS supported in E-SIGN, the rest of the UCC is excluded. And as you look deeper into the MERS mortgage scheme, you may even see that according to the way MERS members are using the MERS system, Article 7, & Article 8 seem to be involved. MERS members are using the MERS system in similar ways the to cotton industry uses "warehouse" receipts to locate bails of cotton. Stop being deceived. How does one transfer an Article 3 negotiable instrument using E-SIGN law, when E-SIGN law excludes Article 3? [See 15 USC 7003(a)(3).
Is it "Goldstein's Curse" all because of eNotes this time? The issuer who came and went without getting caught?
You do know that weapons of mass destruction are not necessarily physical weapons? The eNote is a weapon of mass destruction, ticking, ticking, ticking. It will explode.
Sign the petition Sign the petition "Texas Legislature: Remove "51.0001(1) "book entry system" in Texas Property code" and wanted to see if you could help by adding your name.
NEW - Was the "Note" even "negotiable"
NEW - "Human Person v. Artifical Person; Human People v. Artificial Persons"
The educated, or were they taught to ignore required law?
Angela Dodson, Wells Fargo, CitiMortgage. "A Certified Mortgage Bankker recognized as an expert in electronic technology including document imaging and electronic signatures. An evangelist and champion of utilizing e-technologies to increase efficiencies, reduce costs, and to improve the overall effectiveness of the financial services industry with demonstrated expertise at adopting e-technologies in complex cross-functional corporate environments."
Could Ms Dodson be the culprit whom converted the tangible real estate mortgages, into general intangibles, for the MERS system for the account debtor? Just because the woman knows how to scan documents and save them to a file neither reflects Ms Dodson knows hoot about the laws that govern either. Just because you have a title does not mean you know anything. But, if you know enough you can fool just about anyone? so, she preaches the gospel of electronics? Beware.
Research, research, research
To think a law such as E-SIGN would be put into place, and MERS members use of MERSCORP Holdings, Inc., the "electronic agent" for transferring intangible wealth among its members, their scheme didn't go as well as expected? I suppose most know Article 3 was not modified to accommodate the electronic promissory note; and Article 9 was also excluded from E-SIGN, to an extent. If you recognize the attempts in 3 & 9, take a look at the definitions in current Article 2. Then, if one cares to see how an attempt to add "MERS" into Article 2, you can view it <here>. Yes, it could possibly be viable for some other website type agent, but E-SIGN governs that. Nonetheless, the UCC commission, committee withdrew the amendments in the 2003 attempt. And from the definitions in that 2003 amendment, it appears they were actually attempting to merge E-SIGN into the UCC.
Why have people not understood? Is it Ego? Ignorance? Arrogance? Has E-SIGN really confused the world? Or did it cause a state of blindness, with the world being unable to see the truth? Have electronic records intoxicated the worlds mind? It did take time to get a believer to that point. A very long time. Beware of the bread that was fed to you. You really did drink their Kool-aid? If you didn't drink it, where are the headlines?
Promoters of E-SIGN deceived the world. Read the deception, THE WHOLE WORLD. Then read pig in a poke. Was this deception promoted unknowingly? OR was it intentional?
I know the answer. You need to choose which answer is right yourself. To choose the correct answer is as simple as understanding what laws are governing what incident from the conception of the real property mortgage loan, all the way through to the collateral for the secured instruments. Why all of it? Because the men of iniquity believe that a homeowner, or its representative are too ignorant, or stupid, to understand the complete process from a homeowner signing physical paperwork; to the MERS member converting such physical paperwork into electronic documents; to the registration of alleged real property mortgages in a private gambling casino; all the way through the "securitization process" to the purchase, and liquidation, by the investor, who was duped just like the rest.
On the other hand, the men of iniquity believe the investors, or its representative, are too stupid, and greedy, to pay attention to anything other than how they can buy & sell to make a their wealth. In keeping the two apart, both, the homeowner, and investor, the men of iniquity can use the media, the justice system, state and federal agencies, and man's ignorance, to keep the crime hidden. This is why everyone should be understanding this serious matter. If you choose to ignore a warning and keep your wealth gambled on intangibles, derivatives, etc. you will wake up one day without. The primary tangible world of the stock market is possibly safer than the secondary intangible market. The primary market could be a bit questionable simply because the primary market is where the "securities" are created. The secondary intangible market, though it may be legal, is not sustainable and such electronic intangibles have created an electronic debt greater than the global debt combined. That is a beast.
DID CONGRESS AND BILL CLINTON REALIZE WHAT THEY HAD ENACTED?
E-SIGN, lawful, is just a part of the motive to the collapse of the unsustainable "intangible" debt. Over 800 Trillion and counting. Understand E-SIGN, and Transferable records and you will understand why it is considered "criminal activity" that is being conducted by the people involved. Understand and you could see individuals who have committed treason against the United States, according to the U.S. Constitution and the Constitutions of the several states. It might make one ask; Is there an illegal organization within the United States government? What about the several states government? Time will tell.
It is important to get an understanding of e-SIGN. You will understand how certain wording in a deed of trust, allows MERS members attempt to sell, purchase, assign, or transfer the deed of trust, separate from the note. You will begin to understand how MERS could be a beneficiary, but not the way you've assumed. You will begin to understand why MERS assignments are not directly related [by law] to real property mortgages. You will understand how the "creditor" should be suing the "account debtor", who is obligated in a MERS electronic contract, a personal property mortgage loan transaction governed strictly by E-SIGN. You will understand that MERS is a personal property registration system, not a real property mortgage system as claimed. You will understand how certain "foreclosure" mills assisted in changing Texas laws to fit the need of MERS. You will understand how certain individuals in Texas are using Texas laws against rightful owners of real property. You will read admissions from certain individuals, including judges that mortgage loan document are "just made up". You will understand how innocent homeowners have, and are, being judged by ignorance.
Isn't it time you understood the mortgage problem rather than paying someone who doesn't really understand it themselves? Including lawyers. Isn't it time you learned something of value for a change, instead of paying someone who only leads you toward paying them more money to help you learn, when the information is already available to you free of charge on the internet? The reason you pay a person to learn something is because you are too lazy to look for yourselves. That is why you pay for something when you could have taken the time to seek for yourself. Let me teach you how to fish. James has many articles and charts on this site. I provide explanations of his articles and charts through my research and understanding of the laws that govern. Know more than your lawyer if you want to understand what s/he is doing in your case against the oppositions.
Pre-ESIGN
The thing called MERS was being promoted pre-ESIGN, 4 years prior to ESIGN, in 1996. In fact, this is proven by the U.S. Bank Home Delivery and Funding Guidelines conveniently located at the "Denihan and Associates" website, whomever they are. The point is, the MERS intangible registry was being used prior to E-SIGN. If you can't get to the link for the guidelines, here is the pdf.
Want another way of putting it?
Read, Learn, Understand
eScheme
e-Note, The Intangible god of Babylon
Goods and Services
Secured Instrument
MERS electronic Tracking Agreement
CREATION-AND-PERFECTION-OF-SECURITY-INTEREST
Authoritative Copy
Asset Securitization, Comptroller's Handbook
Opinionated
Recommended Vendor for Chain of Title Analysis