LegalEagleStar

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Posts Tagged ‘Banksters

My Money is safe in the Bank. Of course, sure it’s as safe as houses ! Eh, sorry ?

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Banking District

Banking District (Photo credit: bsterling)

I have been asked to comment on the relationship between Customer and Banker. This arose from several conversations on Twitter where I have been criticised for attacking the morality, or lack thereof, of the Banks and their use of customers monies. I have been asked to point out the crimes which the Bankers have committed. I have struggled with this issue. I am not a Criminal Lawyer, my expertise being in Personal Injuries, Divorce and Real Estate Law. I personally believe that our Government, among others have subjugated the rights of the Citizen to those of the wealthy Elites and their Bankers. In paying off  Bondholders, believed to be other Bankers and their kin, the Irish Government have decimated our economy resulting is terrible austerity imposed upon our  Citizens. There is something wrong here. People are being ripped off, no other way to put it, by Bankers, now referred to as Banksters, because that is what they are, gangsters who have used the money deposited with them in whatever  manner they so wish. They gamble with your money. Now, the Citizen is continually bailing out these same Banks. Our Government has chosen to stand firmly on the side of these banksters against the interests of the Citizen.

OK, so what is the legal position in all this. Sure isn’t our own money safe in the Bank ? Well, not really. Because once you hand your hard-earned money across the counter to the Bank, it is their money, not yours. The relationship is best described in a case brought before the English House of Lords (their highest Appeals Court) in the case of  Foley v Hill. The Appellant in 1829 opened a bank account with the respondents, who were  bankers.  Further deposits were added  in
1830 and in 1831 interest was still added. In 1838 the Appellant brought proceedings against the Respondent Bankers seeking recovery of both the principle and interest.

In his Judgment the Lord Chancellor Cottenham said…

” Money, when paid into a bank, ceases altogether to be the money of the principal; it is by then the money of the banker, who is bound to return an equivalent by paying a similar sum to that deposited with him when he is asked for it. The money paid into a banker’s is money known by the principal to be placed there for the purpose of being under the control of the banker; it is then the banker’s money; he is known to deal with it as his own; he makes what profit of it he can, which profit he retains to himself, paying back only the principal, according to the custom of bankers in some places, or the principal and a small rate of interest, according to the custom of bankers in other places. The money placed in custody of a banker is, to all intents and purposes, the money of the banker, to do with it as he pleases; he is guilty of no breach of trust in employing it; he is not answerable to the principal if he puts it into jeopardy, if he engages in a hazardous speculation; he is not bound to keep it or deal with it as the property of his principal; but he is, of course, answerable for the amount, because he has contracted, having received that money, to repay to the principal, when demanded, a sum equivalent to that paid into his hands.

That has been the subject of discussion in various cases, and that has been established to be the relative situation of banker and customer. That being established to be the relative situations of banker and customer, the banker is not an agent or factor, but he is a debtor. ”

So legally, when you deposit your money in a Bank, the Bank becomes the legal owner of your money and you become a Creditor of the Bank. In the event of the Bank becoming insolvent you take your place at the end of the queue after Secured Creditors. Should any monies be left after such payments have been made you will most likely receive maybe a cent in the Euro…if you’re lucky.

Surely the Government will secure my money for me? What about the Bank Guarantee? Well, in Ireland the State at present, will guarantee your money up to the tune of Euro 100,000. No doubt they can change this on a whim. As can be seen from the attempted confiscation of money from people’s accounts in Cyprus recently, any funds over 100,000 could be lost. Don’t be fooled by the amount of the guarantee. In many cases Citizens have received compensation for their injuries and have deposited the money in Banks to look after their disability for the many years to come. Some old people have saved up their whole lives so they would not be a burden on their families. People sell their homes and place the funds in a Bank while searching for somewhere else. In business, transactions take place where funds are obtained to secure a deal, purchase items etc. At any time those funds are not regarded as yours by the Bank but are being used by the Bank as they please. As we’ve seen so many times, The Banks are treated as too Big to Fail and as a result our National Sovereignty has been lost and it seems we are eternally indebted to them. Of course when Debt Forgiveness is mentioned for the Citizen this is dismissed out of hand. Divide and Conquer is deployed as a tactic. Sure I paid off my debt so why can’t he? Please, wake up before we’re all securely lodged in a debtors prison with no means of escape.

LegaleagleStar , Tuesday , 4th. June , 2013

Foley v Hill and Others , 1848 ,  Clerk’s Reports, House of Lords 1847-66 Pages 28 and Pages 36-37.

Written by LegalEagleStar

June 4, 2013 at 9:21 pm

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