Okay, let’s move on to how value acceptance is meant to work. To accept anything as valuable, it appears that you must follow a formula:
- You write “Bill” on your bill “Accepted for Value, but not subject to levy.
- Then you sign it, date it, and write anything on it “Pay attention to the sequence in which your name appears in all capital letters, and write down your Social Security number twice: once with dashes and once without.
- In certain forms, it appears that you’re supposed to mention the US Treasury or the IRS, which they don’t like and have sent circulars citing laws that make it illegal and branding the whole thing fraud.
It’s unclear whether anyone has actually been arrested for attempting the scam, but any mention of government institutions appears to be extremely dangerous. Any indication that they will be the ones to pay would be a recipe for disaster.
The form appears to be designed to resemble the form of a check, with your social security number serving as the account number. That, according to one Youtuber, is the premise, and it’s in line with the fundamental assumption behind the concept, which is that when someone is born, the government (or federal reserve, or whatever) creates a bank account in their name.
Some videos suggest to send the bill with the items written on it to a government agency, while others don’t, but regardless, the debt is erased if you do what you’re supposed to do. The government pays for it!
One YouTuber compared it to a game of Monopoly, in which each player starts with a certain amount of money. When you join the game, it is instantly created and provided to you. The method you get your gaming money is by applying the magic formula.
How can I get a UCC debt discharged?
In cases when the debtor has paid less than 60% of the obligation, the creditor may keep the collateral in exchange for the debt being discharged. The creditor must submit a written proposal to the debtor and any other lienholders, and the debtor and other creditors must accept the agreement’s conditions. The creditor must sell the property if the debtor or another creditor with a security interest in the collateral rejects the deal within 21 days of receiving notification. When it comes to consumer goods, the creditor has the authority to seize the collateral and discharge the debt without the debtor’s agreement.
What is the accepted standard of value?
Acceptance for value is a commercial right that can be secured through tax bills and infraction citations, among other things.
On an instrument, it’s a qualified endorsement or a modified signature.
Accepting an instrument for value makes one the holder of the instrument in due course, with the ability to enforce the instrument against the issuer.
An instrument is issued or transferred for value, according to U.C.C.3-303.
if:
1) the instrument is issued or transferred in exchange for a promise of performance that has been fulfilled;
2) Other than a lien obtained through a court procedure, the transferee gets a security interest or other lien in the instrument.
3) the instrument is issued or transferred to pay or secure an antecedent claim against someone, whether or not the claim is due;
4) In exchange for a negotiable instrument, the instrument is issued or transferred; or
5) The instrument is issued or transferred in return for the person receiving it incurring an irrevocable obligation to a third party.
Acceptance is not the same as Acceptance for Value.
Accepting an instrument without a qualified endorsement waives all flaws in the instrument, as well as the instrument’s value (or lack thereof).
Accepting and returning an instrument for value notifies the issuer that the endorser is not supplying additional value, but rather transforming the issuer’s promise to pay the instrument into the value, making the instrument negotiable.
What is value conditional acceptance?
The genuine power of a sovereign is found in conditional acceptance. Everything else, especially freedom, comes into place after you grasp how to properly utilize this force.
When you execute a conditional acceptance, which is permitted under contract law, you accept the other party’s offer subject to the fulfillment of specific conditions that you specify. In other words, you promise to do anything the offerer requests if he or she first fulfills your requirements.
Let’s imagine you receive a letter from your neighbor stating that you owe him $100. You know you already paid him back, but you also know that arguing with him will give credence to his claim, making you the debtor and him the creditor, and that ignoring or rejecting his offer will make you the debtor. So you decide to be a real sovereign and accept his offer conditionally pending proof of claim via signed affidavit, signed under his full commercial obligation, that you haven’t previously settled and closed that account.
This effectively shifts the burden of proof on him. He must now show that you have not yet paid him back. This is based on the principle, “The burden of evidence rests with the person who makes the assertion.” A self-evident truth is a maxim law. It’s a rule that society has come to accept as common sense and a part of daily life. Later this week, I’ll write a piece about maxim laws.
However, there are a few possibilities now. When you return your conditional acceptance letter to your neighbor, you have a third-party witness, generally a notary public, attest that you sent it and that the person you’re sending it to has the number of days you specified to answer, or they will certify his non-performance. If your neighbor decides to take you to court, you’ll have prime facie evidence that you tried to address the matter, as well as a contract that your neighbor agreed to when he didn’t respond or challenge your conditional acceptance.
Let’s take a step back for a moment. When you email your conditional acceptance to your neighbor, you’ll include your own contract terms and conditions. So you’re essentially re-contracting with your neighbor. You put how long your neighbor has to respond, that you’d be more than happy to pay conditional upon proof of claim, and what will happen if he doesn’t respond or perform, which will include the fact that no such debt exists, in your affidavit (most conditional acceptances, at least the ones I do, are in the form of an affidavit). When your neighbor fails to do so, he has implicitly accepted to your terms and conditions. You now have a contract with your neighbor that has been seen by a third party, which you may use to defend yourself in court if he ever tries to sue you for it.
This is only a brief overview of how powerful conditional acceptance is, as well as the fundamentals of how it works. You’ll still need to do a lot of research and due diligence to figure out how to utilize it properly, and I’ll be writing more pieces on it soon to assist you.
How can I get a debt discharged?
When a debtor is discharged from debts in bankruptcy court, he is no longer liable for the debts, and the lender is no longer allowed to attempt to collect the debts. The court will make a judgement on whether or not to discharge debts. When a debtor meets the discharging requirements under Chapter 7 or Chapter 11 of federal bankruptcy law, the court can make a discharging ruling, or the ruling can be based on a debt cancellation.
A debt cancellation occurs when the lender agrees to forgive the remainder of the obligation. For example, if the debtor and the lender signed a “debt cancellation agreement (DCA)” when they signed the original lending contract, the lender would have to discharge the debt if the cancellation agreement is deemed to be legal by the court. In this instance, the debtor might seek the court to grant a discharge order, releasing the debtor from future obligations. In a retail installment contract, a DCA is frequently used by businesses. Some states demand that the DCA be approved by specific government entities (see this Texas motor vehicle sales finance DCA submission requirement for further details.)
What does a UCC 1 308 stand for?
According to UCC 1-308, a party who performs or promises performance or assents to performance in a way demanded or offered by the other party does not damage the rights reserved by doing so. “Without prejudice,” “under protest,” and similar phrases are sufficient.
What is UCC consideration?
(A)If any of the following conditions are met, an instrument is issued or transferred for value:
(1) The instrument is issued or transferred in exchange for a promise of performance that has been fulfilled.
(2) Other than a lien obtained via a court procedure, the transferee acquires a security interest or other lien in the instrument.
(3) Whether or not the claim is payable, the instrument is issued or transferred as payment or security for an antecedent claim against any person.
(4) In exchange for a negotiable instrument, the instrument is issued or transferred.
(5) The instrument is issued or transferred in exchange for the person receiving it incurring an irrevocable obligation to a third party.
(B)Any consideration adequate to support a basic contract is referred to as “consideration.” If an instrument is supplied without deliberation, the drawer or maker of the instrument has a defense. If an instrument is issued in exchange for a promise of performance, the issuer has a defense to the degree that the promise has not been fulfilled. If an instrument is issued for consideration, it is also issued for value as indicated in division (A) of this section.
Not to be confused with previous RC1303.33 (129 v S 5), which was repealed by 145 v S 147,2 on August 19, 1994.
1.Subsection (a) restates and replaces old section 3-303, and subsection (b) restates and replaces former section 3-408.
In article 3, the distinction between value and consideration is exceedingly fine. The question of whether or not an instrument is taken for value is pertinent to the question of whether or not a holder is a holder in good standing. The issuer has a defense against the duty to pay an instrument if it was not issued for consideration. In subsection (b), “consideration” is defined as “any amount adequate to support a simple contract.” “Any consideration adequate to justify a simple contract,” according to section 1-201(44), which does not apply to article 3. As a result, anything that is taken into account outside of article 3 has worth. In article 3, a separate rule applies. Section 3-303, subsection (b), stipulates that if an instrument is issued for consideration, it is likewise issued for value.
X owes Y $1,000 in Case #1.
A note is not used to symbolize the debt.
Later, X sends Y a bill for the debt.
X’s note is issued for value under subsection (a)(3).
The note is also released for consideration under subsection (b), whether or whether Y is deemed to have given consideration for the note under contract law.
Case #2.X gives Y a check in exchange for Y’s promise to provide services in the future.
Although the executory promise is a factor in the check’s issuance, it is only valuable to the extent that the promise is kept. (a) Subsection (1).
Case #3.X gives Y a note in exchange for Y’s promise to provide services.
Because the note was issued for consideration, Y may enforce it if Y’s performance is not yet due at the note’s due date.
However, if Y’s performance is due and has not been performed by the note’s due date, X has a defense. a subdivision (b).
2.In circumstances where the issue is whether the holder of an instrument is a holder in due course, and particularly in cases where the issuer of the instrument has a defense to the instrument, subsection (a), which defines value, is critical.
Assume that on April 1st, the Buyer and Seller executed a contract for the sale of items to be delivered on May 1st. At the time of contract signing, 50% of the total cost of the items was due. On April 1, the Buyer handed over a check to the Seller for the amount payable under the contract. X made the cheque payable to Buyer and indorsed it to Seller. The check was dishonored when it was delivered for payment to the drawee on April 2 because X had stopped paying. Seller had taken no action to fulfill the contract with the customer at the time. If X has a defense on the check, it can be used against Seller, who is not a holder in due course because Seller failed to provide value for the check. (a) Subsection (1). The policy of subsection (a)(1) is that a holder who makes an executory promise of performance will not incur an out-of-pocket loss if the executory promise is not fulfilled when the holder learns of the instrument’s dishonor. Buyer’s responsibility to pay 50% of the price on April 1 was suspended when Seller got delivery of the check, but it was reinstated when the check was dishonored on April 2. 3-310 Section (b). If the Buyer fails to make a payment for goods due at or before delivery, the Seller is excused from fulfilling the agreement to deliver the goods. 2-703 Section As a result, even if the check is not enforceable, Seller is protected from an out-of-pocket loss. It is not necessary to have Holder-in-Due-Course status to protect Seller.
3.Subsection (a)(2) correlates the value of an instrument with the acquisition of a security interest or a nonjudicial lien on it. The word “security interest” refers to both article 9 instances in which an instrument is used as collateral and section 4-210 bank collection cases in which a bank receives a security interest. Under subsection (a), the acquisition of a common-law or statutory banker’s lien is also valuable (2). For the purposes of paragraph (a), an attaching creditor or other person who secures a lien through judicial procedures does not offer value (2).
4.If the instrument is taken for value in payment of or as security for an antecedent claim, even if there is no extension of time or other concession, and whether or not the claim is due, subsection (a)(3) follows former section 3-303(b).
Any claim against anyone is covered by subsection (a)(3), and the claim does not have to be based on a contract.
The clause is intended to apply in particular to an instrument supplied in payment of or as security for a third party’s debt, even if no concession is received in return.
5.The previous section 3-303 is restated in subsections (a)(4) and (5). (c). They define the exceptions to the rule that an executory promise isn’t worth anything. A negotiable instrument has value because it allows a holder to negotiate in good faith, after which the party who gave it is obligated to pay. Any irreversible commitment to a third party, such as a letter of credit provided when an instrument is taken, follows the same logic.
What is the best way to write a conditional acceptance?
Conditional acceptance letters indicate that a college has decided to accept you on certain terms, usually implying that you must complete additional steps to be eligible for admission. These letters not only inform you of the university’s admission decision, but they also explain the grounds for conditional acceptance and how you might address them. A conditional acceptance letter may include the following information:
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Most decision letters include all of the information you’ll need to continue on your path to becoming a student, making them essential resources as you begin to meet acceptance requirements. It’s a good idea to keep a copy of your conditional acceptance letter so you can double-check that you’ve met all of the enrollment requirements later.
What is the best way to handle conditional acceptance?
A conditional acceptance agreement is a promise to pay a draft contingent on the occurrence or nonoccurrence of a specific event. A conditional acceptance, also known as a qualified acceptance, occurs when a person who has received an offer notifies the offeror that he or she is willing to accept the offer if certain terms are changed or if a condition or event occurs. This acceptance functions as a counteroffer. Before a contract may be made between the parties, the original offeror must accept a counteroffer.