Here's a quick wrap up and confirmation of what we accomplished Thursday night as we look ahead to next week.
In attendance at the last meeting were: Tony, Mike, Lynita, Misty, Mark.
Special thanks to those in attendance and especially those who completed their tasks for the week. Those not in attendance are invited to try and be with us next Thursday.
We raised the issue of Patrick's teachings seeming to have focused as of late on a reliance of GSA and IRS forms and yet the underlying process of establishing your legal status as owner of the accounts, via the non-UCC forms still is the basis for everything.
We agreed that completing the non-ucc documentation up front is the basis for claiming 'ownership' of the contract and works as a starting point to either objective as mentioned above.
Tony will continue his efforts to compare the non-UCC forms and authentication process of the COLB which we have in the forum with Devine's latest sample forms in order to try to derive the best information available to put together a simplified instructional guide on that process.
Also, since the 98 EIN # seems to be quite an issue and many people in the study group have had questions on getting this #, where others said it was so easy, Lynita and Mike will work together to establish exactly what is the best and quickest way to get the proper 98-EIN # for the foreign grantor trust. I suggested making contact in the Devine Study Group in Skype where people active in the process are asking for and getting help.
Here's the link to the Skype group for anyone who needs it:
It was decided that the rest of us need to research, study and put together a descriptive summary of many of the forms that Patrick is using. The best way to do that is to have each of us be assigned to and focus on a few specific forms. We should research Patrick's calls and any and all information available on that form.
In the descriptive summary which you will put together for each form, we need to know the following;
- Form number, name, description
- What it is used for and when is it used?
- How to fill it out and how to use it i.e. submit it with any special cover letter or other forms, etc.?
- Any helpful comments or notes on the matter.
============================================
I've identified an initial list of forms that seem to be important in Patrick's materials and have divied them up between us to work on this week in putting together a descriptive summary, as follows
SF1080-82a.pdf
Paul - IRS Forms 14039, 13909, 14242
Please work on these this coming week and let's see who comes up with the nicest, most complete and accurate descriptive summary!
Next meeting: Thursday Sept. 29 8:00 PM Central Time Meeting details to be announced by email as usual.
==========================================
And we didn't get to this so I'll include it again this week. Last week Misty raised a question/issue which warrants our attention and we can hopefully provide some input and discussion next week. This is the issue:
"Patrick said in one of his calls that Article 9 of the UCC states that you can choose which law you want to be under. I wanted to verify this.
I could not find anything under article 9 for "non-UCC" but instead found one entry for "Non-Uniform Commercial." It didn't have anything to do with choosing which law to be subject to. However:
UCC 9-306b has info which leads you to UCC 5-116. UCC 5-116 is what allows you to choose which law you want to be under and this is done either by presumption or by contract depending on the type of item you have security interest in, whether or not that interest has been perfected or not and more. It also basically supports Mark's "law of the flag" information that has previously been presented.
This section also states that if any processes with your UCC security interest stuff conflicts with that article (UCC 5-116) that 5-116 prevails. There are more sections need to be studied under 5-116 that I have not looked at but are important.
Beware: It states that it prevails as long as it doesn't conflict with "non-negotionables" listed in section 5-103.
I did not get a chance to review or study 5-103. I have no idea if the terms in 5-103 are conflict with de jure law or not.
Thanks very much to everyone!
Mark
|
