Author Topic: Pharisee Foreclosure - Jerome Daly vs The First National Bank of Montgomery  (Read 659 times)

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Offline bpocatch

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Welcome to the United Shylock's of America.

In the late 1960s, attorney Jerome Daly was a defendant in an unlawful detainer action in the justice of the peace court in Credit River Township in Scott County, Minnesota. The First National Bank of Montgomery foreclosed on Daly's property and sought possession. The jury and the justice of the peace decided against the bank, agreeing with Daly's argument that the bank had not actually lent him any money, but had simply created credit on its books. Daly argued that since nothing of value had been advanced by the bank, it was not entitled to the property that secured the loan. The justice of the peace, Martin V. Mahoney, entered his decision in defiance of the Minnesota Supreme Court. For conspiracy theorists, we note he died "mysteriously" within 6 months of his decision. Ultimately, the decision of the justice of the peace court was nullified and Daly was subsequently disbarred.

This case made its way onto the Internet, where groups who oppose federal banking laws assert that the case invalidated the Federal Reserve and voided Federal Reserve notes. Even though it has no value as precedent, litigants continue to cite to the case, even as recently as 2007. See Sneed v. Chase Home Fin. LLC, 2007 U.S. Dist. LEXIS 46536, 2007 WL 1851674 (S.D. Cal. June 26, 2007).

To See the actual documents of the case click the link below.

 Supposedly one cannot cite this in their courts because a justice of the peace presided over it.

See In re Daly, 284 Minn. 567, 171 N.W.2d 818; Zurn v. Northwestern Nat. Bank of Minneapolis, 170 N.W.2d 600, 284 Minn. 573 (Minn. 1969); Daly v. Savage State Bank, 171 N.W.2d 218, 218, 285 Minn. 503, 503 (Minn. 1969).