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Date: Fri, 07 Feb 1997 20:01:16 -0800
To: snetnews@world.std.com
From: Paul Andrew Mitchell [address in tool bar]
Subject: SNET: SLS: Your tax dollars at work


->  SearchNet's   SNETNEWS   Mailing List

The "emergency" has been sustained capriciously,
in order to justify the permanent bankruptcy 
(read "rolling rehypothecation").

Hypothecate.  To pledge property as security
or collateral for a debt.  Generally, there is
no physical transfer of the pledged property
to the lender, nor is the lender given title
to the property;  though he has the right to 
sell the pledged property upon default.
Moore v. Wardlaw. C.C.A.Tex., 522 S.W.2d 552, 554.
See also Pledge;  Rehypothecation.

Rehypothecation.  To pledge to another or to 
transfer to another a note, goods, or other 
collateral which have been already pledged,
e.g. a broker may pledge securities pledged
to him by a customer (under e.g. a margin 
account) to finance his borrowings from a bank.

     [Black's Law Dictionary, Sixth Edition]

For some background, read the essay
"The Two United States and the Law" 
by Howard Freeman, in the Supreme Law Library 
at URL:

  http://www.supremelaw.com

/s/ Paul Mitchell



At 02:58 PM 2/8/97 -0500, you wrote:
>
>->  SearchNet's   SNETNEWS   Mailing List
>
>I have the same question as Emmilene:
>If the Constitution were suspended due to an Emergency, we would have martial
>law, with the President having nearly absolute authority.  When I wore the
>uniform, we were told this would be a temporary situation if ever invoked.  I
>agree with your question.  No one could ever explain to me how this "plan"
>would work.  It looks OK on paper - Martial law to restore law and order,
>then back to civilian law.  The nagging question for me is how do we make
>sure the military government is held accountable to return power and not to
>abuse power when they have it?  I hope someone can explain this to me too.
>
>Ken
>
>-> Send "subscribe   snetnews " to majordomo@world.std.com
>->  Posted by: KWall65409@aol.com
>
>

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Paul Andrew Mitchell, B.A., M.S., email address: pmitch@primenet.com
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