On Mon, 10 May 2010, David Scheidt wrote: > How does the corporate lender enforce their rights? They can't sue to > repossess, since they can't own the asset. > >
A mortage contract, that regulates what the mortage taker does with his dividend and/or states that if he does not pays his mortage he has to sell his share to cancel his debts, and regulates the procedure how he has to sell it. (to prvent that he sells it to a relative for a marginal sum) Joe has a share and mortages it to Bank Inc.. Joe has to register his account with Bank Inc. as the place where he want's his dividend to be put. If Joe sells his share he has to do it in a public auction overseen by Bank Inc. and the payment has to go to his account with Bank Inc. Bank Inc. may take any amounts of money, Joe owes them from his bank account with them. If debts in his bankaccount meet a certain treshhold, Joe has to sell his share, in the way described above. If Joe takes actions forbidden by the contract (such as selling his share on his own) either theese actions are declared illegal and thus have to be rolled back (which would require a registry for mortages on shares, so you can check, if the person to sell you shares is allowed to do so) or he owes Bank Inc. an astronomical amount of money as contract breaking fee, which would lead to all of Joes property to be seized and sold and most of the proceeds going to Bank Inc. because he has most of his debts with them. One mans groundfloor is an other mans earthmissle @@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@ Johannes Trimmel @@@@@@@@@@@@@@@@ _______________________________________________ GurpsNet-L mailing list <[email protected]> http://mail.sjgames.com/mailman/listinfo/gurpsnet-l
