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BoE – One dollar provision
Hey guys,
I have watched the BoE weninar and I am really struggling to get my head around the one dollar thing.
I understand the sections in the BoE act that allow you to fill in missing particulars in an incomplete statement of account and that when there are 2 amount written the lesser amount is the one that is payable.
However if you turn a statement of account into a BoE and make it worth $1, why would they securitise a BoE when It’s only worth $1?
I am also trying to understand the Sum Certain part. I understand the Sum Certain is the Sum Payable, but why have 2 terms in the act? Why not just call it Sum Payable?
What am I missing?
Thanks in advance!
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7 Replies
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You aren’t turning the statement of account into a BOE, you are completing it by filling in any missing particulars (including a sum certain value) and countersigning it. You then attach valuable consideration to form a contract. This could be a BOE or promissory note (or even a check or cash).
If you are using a promissory note you wouldn’t put “drawer” on the statement of account that you are re-negotiating, you would put “maker” as Promissory Notes are 2 party instruments involving a Maker and Payee.
A sum certain is just a more certain value, which is usually in writing and the lesser amount. You can make mistakes when writing figures so a more certain amount is in writing (ONE HUNDRED DOLLARS).
As for why they don’t just have Sum Payable… My guess is what I wrote above or that they have to provide a remedy to us peasants (albeit a hidden one)?
It doesn’t need to be $1 either, it can be any value. $1 is the minimum amount of consideration needed to form a binding contract. You could nominate other values if you wanted.
As for the securitisation, I am not sure. I have also wondered this. If it is not negotiable I assume they could only securitise it for a $1? This is why Promissory Notes could be better in some cases because they can get the whole amount (usually you add 20% on top of what they are asking).
The $1 is just to level the playing field and to stop these parasites with their unjust enrichment.
At the end of the day it is your signature that gives anything value. So I am not sure if this allows them to dip into your Trust account and get credits or what?
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Once something is securitised it can be traded and then it gains value as it is traded and retraded.
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Even if it is not-negotiable?
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How does it gain value? When you say traded, what do you mean? What does a transaction like that look like? What are the mechanisms that allow the BoE to gain value through trading? I’m just trying to innerstand
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Hi Brandon I believe through things that Mark has said (he once had a forensic accountant trace one of his BOEs) that these instruments, once securitised, are traded on a kind of stock exchange where they have buyers and sellers and as it is traded between entities the value goes up.
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May I also ask a question about this webinar. how would I attach the one dollar in my case it would be one pound sterling? I believe it said a stamp? do I just stick it on the document of attach it? plus where do I find the documents in the webinar? any idea? thank you
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This is the module that goes with the webinar. The documents will be in this module. https://solutionsempowerment.org/p/module-7-deliver-payment-by-way-of-bill-of-exchange-to-discharge-a-debt/
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