Can A Promissory Note Be Reconverted From A Defunct Company / Lender / Bank
Defunct companies created the note, but the Federal Reserve holds and trades on the promissory note itself. Until the Federal Reserve is dissolved, these notes are reconvertable.
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Will The Promissory Note Reconversion Process Affect Our Current Loan
The promissory note(s) will be taken off the market and therefore extinguished. In short, one will obtain a satisfaction of the note when the money is received. This reconversion process for old promissory notes will not affect current-standing ...
What Law Gives Banks The Ability To Turn A Promissory Note Into Cash
12 U.S. Code § 372 gives "lenders" the right to convert a promissory note into Federal Reserve Notes under the citation, "any Federal or State branch or agency of a foreign bank ... may accept drafts or bills of exchange drawn upon it". This law ...
Why Does This Promissory Note Reconversion Process Work
Upon purchasing a home, a buyer actually acted as the investor and issued a promissory note backed by a mortgage, giving the bank an asset that’s traded and monetized/securitized for 15 or 30 years regardless of what happens to the property. The ...
What Are The Costs For Reconverting A Promissory Note
Prior Mortgage / Sale / Refinance / Foreclosure: We require 0% of note's face value as down payment, we will obtain our payment after the reconversion process is completed from the issued funds. For this scenario, because the home/property is not ...
Will An Ongoing Lawsuit Against Bank, Lender, Etc. Affect Recovery or Satisfaction
No, neither actions will affect the other while in motion concurrently. In short, lawsuits are a public action and recovery / satisfactions are a private action. However, once a remedy has been found privately this will affectly negate the need for a ...