Beware of the leopard

The Great Taking is hidden badly in subsection b) of Section 57A-8-511 of the Uniform Commercial Code, itself an add-on to Section 57A-8-503

This criminal attempt to steal everything is intended to be hidden in a similar way.

But it is really hidden about as well as this.

In 5 minutes you’ll understand what they’ve done.

Here is Section 57A-8-503 of the Uniform Commercial Code

The highlighted part seems clear and is read out often as proof that all is fine.

…not subject to claims of creditors of the securities intermediaries

Great. Hang on, what’s the next clause that no-one ever reads out?…

except as otherwise provided in Section 8-511

What’s that?

Let’s look at this new section.

Phew all fine after all!

the claims of entitlement holders, other than the creditor, have priority over the claim of the creditor

Wait a minute, how does a) start though?

Except as otherwise provided in subsections b) and c)

And what does b) say?

A claim of a creditor … has priority over claims of the … entitlement holders …if the creditor has control over the financial asset.

And now all ‘ownership’ is replaced by ‘beneficial ownership’ so the creditor ALWAYS has control.

8-503 basically says,

You can definitely keep it if it’s your property subject to 8-511

And 8-511 says

None of it is your property