First National Bank of Montgomery v. Jerome Daly
First National Bank of Montgomery vs. Jerome Daly , also known as the Credit River Case , was a civil trial in the United States that was decided by a Justice of the Peace on December 9, 1968.
First instance proceedings
Attorney Jerome Daly took out a private mortgage on his home from the First National Bank of Montgomery in 1964. When he could no longer service the installments, the bank sued the court in Credit River Township, Scott County, Minnesota , for payment of the remaining installments after the mortgage was canceled. In addition, the bank applied for the opening of foreclosure proceedings.
The bank's lawsuit was dismissed by Justice of the Peace, Martin Vincent Mahoney. In his judgment, Mahoney stated that there is no constitutional basis, statute or legal basis in the USA that amounts of money (" fiat money ") can be created out of nothing . In addition, the bank did not provide a corresponding real equivalent value for the mortgage (see balance sheet extension ). Mahoney also stated that Plaintiffs admitted that they had worked with the Minneapolis Federal Reserve Bank to generate $ 14 million in money and credit through an accounting entry on their books (" He [Morgan] freely admitted." that his Bank created all of the money or credit upon its books with which it acquired the Note and Mortgage of May 8, 1964 ").
Mahoney noted during the negotiation: Only God can create something of value out of nothing (“Only God can create something of value out of nothing”).
The court (represented by Mahoney) had not recognized the two dollar court costs that were paid in cash by the plaintiff to the court treasury, since this money was not legal tender (the entry read: " Two so-called" One Dollar " Federal Reserve Notes issued by the Federal Reserve Bank at San Francisco L1278283C and Federal Reserve Bank of Minneapolis Serial No. 18041C697A were deposited with the Clerk of the District Court to be tendered to me. ")
consequences
The First National Bank of Montgomery appealed the following day. The appellate court overturned the first instance judgment on September 5, 1969 and stated in the grounds of the judgment that the justice of the peace had exceeded his powers with the first instance judgment.
See also
Web links
- www.lawlibrary.state.mn.us - Judgment text (English; PDF)
- educationcenter2000.com
- usa-the-republic.com
Individual evidence
- ↑ NOTICE OF REFUSAL TO ALLOW APPEAL , decision of January 6, 1969.
- ↑ Case presentation on the Minnesota State Law Library homepage ( Memento of the original from October 27, 2014 in the Internet Archive ) Info: The archive link was inserted automatically and has not yet been checked. Please check the original and archive link according to the instructions and then remove this notice.
