RE: First National Bank of Montgomery vs. Jerome Daly


Very Interesting FORECLOSURE case from the 1960's

Very Interesting FORECLOSURE case from the 1960's

By: Anonymous

This was sent to me by someone who came across this. They state…

Here is an extremely interesting case from the 1960s.  Jerome Daly sued his bank after his bank filed for foreclosure.  Daly argued that the bank had not provided any consideration for Daly’s promise to pay back the loan.  Furthermore, he argued that the bank created the money out of thin air after he signed the promise to pay (promissory note).  Daly said that this was not real money that counted as consideration, therefore, it did not need to be paid back.  The bank’s president on the witness stand agreed that the money did not exist until after Daly signed the promissory note.  The jury agreed with Daly and declared the mortgage was void.
More interesting about this case is the fact that it is still good case-law because the judge’s decision was never overturned.  However, this case has been kept hidden and the banksters do not want anyone to know about this.

The judge wrote a supporting decision in the case agreeing with Daly

, writing “The money and credit first came into existence when they created it. Mr. Morgan [the bank’s president] admitted that no United States Law or Statute existed which gave him the right to do this.” Thus, the lending of the money to Daly in the form of a mortgage did not constitute valid consideration. The bank did not even have the authority to create money out of thin air according to any known law or statute.

There is a legend that both the Judge and Daly died mysteriously is separate accidents.  Don’t know if that is actually true or if it’s just urban legend.  Daly, btw, was an attorney.

Continue to read about the case HERE

[ipaper docId=41213421 access_key=key-2877p3q9tbhnc6079ne8 height=600 width=600 /]

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5 Responses to “Very Interesting FORECLOSURE case from the 1960's”

  1. amicusman says:

    This case has absolutely no precedential value, it was ruled on by a justice of the peace, who in a lot of cases aren’t even lawyers!

  2. PatriotG says:

    Nothing in the Constitution of the United States limits the jurisdiction of this Court, which is one of original Jurisdiction with right of trial by Jury guaranteed. This is a Common Law action. Minnesota cannot limit or impair the power of this Court to render Complete Justice between the parties. Any provisions in the Constitution and laws of Minnesota which attempt to do so is repugnant to the Constitution of the United States and void. No question as to the Jurisdiction of this Court was raised by either party at the trial. Both parties were given complete liberty to submit any and all facts to the Jury, at least in so far as they saw fit.

  3. Craig Bickfird says:

    This court case decision appears to have been vacated after Mahoney died. Here’s the citations from a database in the Minnesota court system maintained by the government of Minnesota.

  4. Craig Bickfird says:

    Sure, but the decision was vacated by the Minnesota courts later. That is what ultimately might matter the most.

  5. Craig Bickfird says:

    This needs to be done again and to have a similar decision and verdict decided for this defense or concept to have teeth it appears.


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