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Thread: Bank Account=Trust?

  1. #1

    Bank Account=Trust?

    So I was doing some reading trying to correlate the details in this section of the forum to get a better grasp. Correct me if I am misunderstanding.

    Is a bank account a trust, the trustee is the bank, the bank account name/trust is FIRST M LAST, and the beneficiary is First Middle and the property is what is being deposited/withdrawn?

  2. #2
    Hello Doskias!
    I will take a stab at this for you with apologies to Michael Joseph and David Merrill if I screw it up. The BANK AND TRUST is, as you indicated, just that. The bank acts as trustee or its agent, while the TRUST- FIRST MIDDLE LAST is the beneficiary.
    So, we have:
    Grantor - First Middle Last as trustee for FIRST MIDDLE LAST
    Beneficiary - FIRST MIDDLE LAST
    corpus - FRN or lawful money as appropriate
    Trustee or agent of- Banker
    First Middle - doing business as First Middle Last as appropriate (and no more)

    Oh what tangled webs we weave...I'm quite certain there are posts within threads that speak to this subject.

  3. #3
    Senior Member Brian's Avatar
    Join Date
    Apr 2011
    Earth, Alpha Quadrant.
    I thought we were being treated as unsecured creditors to the banks...ala Cyprus?

  4. #4
    Yes, unsecured creditors.
    Although few depositors realize it, legally the bank owns the depositor’s funds as soon as they are put in the bank. Our money becomes the bank’s, and we become unsecured creditors holding IOUs or promises to pay. (See here and here.) But until now the bank has been obligated to pay the money back on demand in the form of cash. Under the FDIC-BOE plan, our IOUs will be converted into “bank equity.” The bank will get the money and we will get stock in the bank. With any luck we may be able to sell the stock to someone else, but when and at what price?

    Australian & Canadian depositors are in the same boat:

    I don't keep much $ in the bank.

  5. #5
    Perhaps it would behoove us to study the roots of banking which is bailment.

  6. #6
    Quote Originally Posted by JohnnyCash View Post
    Yes, unsecured creditors.

    Australian & Canadian depositors are in the same boat:

    I don't keep much $ in the bank.
    You shouldn't! Private banking is the way to go .

  7. #7
    There is a discussion in title to the money of a depositor in the infamous Senate Document 43 / Contracts payable in gold found here and Dennis Kucinich brought a bill to reform banking to that of a bailor/bailee relation . Guess he knew what was coming {bail ns/theft} and that retaining title to your money on deposit was a good thing. I believe that the muni funds on deposit aka CAFR account funds are most definitely on deposit as either trust funds or bailed funds and are NOT your run of the mill debtor/creditor deposits.
    Last edited by Goldi; 07-31-13 at 08:37 PM.

  8. #8

    Gold contract clause

    You might get along fine without the bank account, transacting in lawful money outside the system of false balances (Federal Reserve).

    Sample gold contract clause:

  9. #9
    Senior Member
    Join Date
    Nov 2012
    The State of Soleterra

    The Cesti Que Trust - Howard Griswold

  10. #10
    Thanks for the link to the video, walter. That was a wonderful conversation.

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