Lecture Notes

General Information

• Saturday, free class on consumer law and rights.
• Discusses the Federal Reserve Act and the Cestui Que Vie Act.
• Emphasis on independent study and self-reliance.
• Courses available for purchase through DMs.
• Stresses importance of knowing one’s legal and financial rights.
• Shared personal study habits and daily routine.

Key Topics Discussed

Federal Reserve Act

• Federal Reserve Act, Section 16: Discusses the issuance of Federal Reserve notes.

  • Note Issues: Include applications, dollar bills, car notes, money orders, promissory notes, etc.
  • Applications for Notes: Applications submitted by banks serve as collateral for acquiring Federal Reserve notes.
  • Notes are Obligations of the United States: Payable by member banks for taxes and dues.
  • Advancements on Applications: Collateral amount should not be less than the Federal Reserve notes applied for.
  • Certification and Redemption: Discusses redemption in lawful money.

• Federal Reserve Act, Section 29: Covers civil penalties for violations and procedures for enforcing rights.

  • Violations and Penalties: Offenders can face penalties ranging from $5,000 to $1 million per day.
  • Assessment and Accountability: Through controllers like the Comptroller of Currency and Boards of Directors.
  • Enforcement: Requires continuous action and assessment by the affected party.

Cestui Que Vie Act (1666)

• Definition: The act provides redress for inconveniences due to absence or presumed death of a person whose estate depends on their life.
  • Relief for Reversioners: Grants tenants possession if no communication from the estate holder for seven years, presumed deceased.
  • Proof of Life: If presumed deceased returns or provides proof of being alive, title and profits revert to them.
• Process for Claiming Estate:
  • Declaration of Death: After seven years of absence, estates revert to the state unless proven otherwise.
  • Re-vesting of Title: Procedures for reclaiming an estate once proof of life is established.
  • Compensation: Entitlement to profits and interest accrued during the period of presumed death.

Practical Advice and Insights

• Understand Your Rights: Emphasis on knowing and using consumer rights to navigate financial and legal scenarios.
  • Public vs. Private: Necessity to understand both sides of the financial system for leveraging rights.
  • Reading and Self-Education: Encouragement to read and self-educate to exploit existing legal frameworks.
• Applying Knowledge: Real-life application, importance of being proactive, and persistence in claims.
  • Contracts and Applications: Understanding applications as financial instruments, knowing correct procedures.
  • Engaging in the Legal System: How to actively claim your rights and make the system work in your favor.

Miscellaneous

• Personal Anecdotes: Shared personal stories to illustrate points about self-reliance and utilizing knowledge effectively.
• Engagement with Audience: Answering live questions and addressing common misconceptions.
• Encouragement and Motivation: Urging participants to take action to reclaim their financial and legal rights.