Success Stories

Share your success stories.


Claiming Old Penal Bond

Finn: Sol

As a SPC can you put the proper people on Notice? Can you file the proper tax forms like the 1099 OID to claim the funds from an old penal bond?

Answer: Several points to cover on this one...

1) I know of OIDs that have worked and the filer received a check. That said, I also know of people being found guilty of fraudulent filings and did federal prison time. So, the question there is do you want to take that risk? Would you know how to handle the federal court charges if they did come after you?

2) If the case is old, the penal bond likely has been discharged... paid out to all the investors. "IF" you could find a cusip number for that specific bond... you may be able to find someone to track it for you so you would know who proffered from your estate in order to file an OID... Don't hold your breath on that one. Most of the "Paytriots" who claim they can get a cusip for you are scammers. Cost me 500 to figure that one out. There are also two cusips... One for the bundle and one for the specific bond or case number.

3) Yes, the bond was secured by your Estate, but who owns the bond? Does that give you an interest in the bond, or standing to place a claim against it by filing an OID, or was the judge/court simply an Executor Da Son Tort administering your Estate without your permission? Did you question him/her on that when you stood before him/her in court? Maxim: Those who slumber on their rights have none.

4) If you claim the penal bond, what about the appearance bond, the bid bond, the performance bond, and the settlement bond that was also issued against your estate? Same questions above would apply to them.

5) What would your proper notice look like? Who would it be sent to? Who would be cc'd? Would it be a negotiable notice, or a non-negotiable notice? Do you have a copy of the penal bond? If you figured all this out and they offered you the remainderman on the bond, if there was any, how would you want that? Check, money order? Would you have the court hold it in trust and appoint a trustee?

6) What standing does being an SPC give you to claim your interest in any bond? Do you have a driver license? Bank account? Use their SSN assigned to you for anything? File taxes?

I believe the bigger question is would you even want to try what you are asking about? Or would it be easier to correct your status, eliminate all contracts you have with the system, and then go to a probate judge and ask for him/her to render the account and ask for the remainderman? I've heard of people doing this, but they bow down and sign an NDA... so they disappear into the night.

Both are elusive to most at this point.