"And upon this revelation the court rejected the bank's claim for foreclosure and Daly kept his home"
"In legal language this is called consideration (a contracts basis. a contract is founded on an exchange of one form of consideration for another."
The information concerning this case is very relevant to the here and now predicament our Nation and it's people find themselves in again ,over and over , due to the same fraudulent scheme being played out for the last few decades by certain men in control of a corrupt and unconstitutional financial institution(The Fed) and the web of conglomerates and associations that are hand in hand controlled by an agenda of men hostile to the human race.Mr.Daly disempowered them for a time, though at a price.
Mr.Daly argued that the Mortgage contact required that both parties place up collateral/real consideration for this agreement of finance .
Simply,the bank had not fulfilled/maintained/upheld it's part of the requirement for real consideration and the Mortgage contract in whole, for the reason that the "money" was not the "real" property of the Bank ,as it was created "out of nothing" as soon as the loan agreement was signed, by ledger entry.
"Mr Daly explained that the money was in fact not the property of the bank, for it was created out of nothing as soon as the loan agreement was signed. Remember what Modern Money Mechanics stated about loans? What they do, when they make loans is to accept promissory notes in exchange for credits. Reserves are unchanged by the loan transactions, but deposit credits constitute new additions to the total deposits of the banking system. In other words: The money doesn't come out of their existing assets, the bank is simply inventing it, putting up nothing of it's own, except for a theoretical liability on paper."
The Banks president ,Mr. Morgan, took the stand and affirmed that ,in collusion with, the Federal Reserve Bank Inc., did create the money out of nothing.
Justice Martin V Mahoney personal memorandum ...."in the judge's personal memorandum he recalled that "the Plaintiff (banks president) admitted that in combination with the Federal Reserve Bank did create the money and credits upon its books by bookkeeping entry. The money and credit first came into existence when they created it. Mr Morgan admitted that no US Law or Statute existed which gave him the right to do this. A lawful consideration must exist and be tendered to support the Note. The Jury found that there was no lawful consideration and I agree." He also poetically added: "Only God can create something of value out of nothing."
And upon this revelation the court rejected the bank's claim for foreclosure and Daly kept his home."
Though the happy story does not start/end there..."the 1968 Minnesota Trial Court's decision holding the Federal Reserve Act unconstitutional and void and holding the National Banking Act unconstitutional and void was never appealed or vacated."
Justice Martin V Mahoney paid a price for doing the right thing. He knew who Morgan was and the scheme to disenfranchise and to dis-empower our Nation of people. He did rule ignorantly or uninformed. He knew the repercussions this ruling would have on the Banks. I'm sure he was contacted by those who would try to manipulate and influence him to rule in the Banks favor.
...ask why the 1968 Minnesota Trial Court's decision holding the Federal Reserve Act unconstitutional and void and holding the National Banking Act unconstitutional and void was never appealed or vacated?