| Subject: | Re: [socialcredit] the reality? -- the true assets of banks (Addendum) | | Date: | Tuesday, November 23, 2004 18:05:22 (-0800) | | From: | Joe Thomson <thomsonhiyu @....ca>
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| In reply to: | Message 311 (written by Joe Thomson) |
I think the case in all jursidictions is that a creditor has to initiate an
action in a Court to obtain an order for foreclosure or repossession before
title can be transferred. The differences may be in what happens to the
asset after that. In BC, it would seem the creditor can gain title and do
with the asset whatever he so wishes. Though I would think in some
situations the debtor might be able to make representation to the Court to
decide what should be done. But I can't say for sure. I'm a sawyer, not a
lawyer!
Douglas noted that the Banks often came into possession of industries
through this method in Britain, (in 'The Monopoly of Credit" pages 57-58),
which seems to indicate there was no requirement to ''sell them at public
auction" in place in British law at that time either.
Joe
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