Mortgage foreclosure precedence set in 1969 case of the First National Bank of Montgomery V. Jerome Daly

From the State of Minnesota library:


Jerome Daly was an attorney in Minnesota and also the defendant in an unlawful detainer action in the justice of the peace court in Credit River Township (Scott County) where Martin V. Mahoney was the justice of the peace. In this case, First National Bank of Montgomery vs. Jerome Daly, the bank was seeking possession of property after a mortgage foreclosure. The jury decided against the bank.

The landowner's defense had been that the bank had not lent him any actual money, but had simply created credit on its books, and therefore, since nothing of value had been advanced by the bank, it was not entitled to the property that had been given as security for the loan. Although he did not ultimately prevail, this case has been celebrated by many of those groups and individuals that practice "law on the edge" as we call it in our Pathfinder to Law on the Edge: Sovereign Citizens, Common Law Courts, Patriot Groups, Tax Protesters, et al..

Resources:

http://en.wikipedia.org/wiki/First_National_Bank_of_Montgomery_vs_Jerome_Daly

http://www.lawlibrary.state.mn.us/CreditRiver/1968-12-09judgmentanddecree.pdf

http://www.lawlibrary.state.mn.us/CreditRiver/1969-01-23findingsoffactconclusionsoflawandjudgment.pdf