PRIVATE
REGISTERED SETOFF BOND
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$4,500,000.00
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Pay to the Order of: |
UNITED STATES TREASURY (“PAYEE”) 1500 Pennsylvania Avenue N.W. Washington, D.C. 20220 |
Issue Date: Maturity Date: |
April
6, 2010 April
5, 2040 |
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For
Further Credit to: |
JOHN H DOE 123-45-6789; ABC BANK, N.A. ACCOUNT #
1000000201 |
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By/On/Through: |
John Henry Doe, Principal (“Creditor”) Private Offset Account No. 123456789 |
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KNOW
ALL MEN BY THESE PRESENTS, which are intended to constitute a Private Registered Setoff Bond; and
WHEREAS, only fiat money exists in circulation for the discharge of debt:
NOW,
THEREFORE, the undersigned Creditor being of sound mind and honorable
intentions, for the purposes of protecting secured interests, reserving rights
of recourse, remedy and subrogation, and maintaining the honor of the
above-named Account Holders and Accounts, does by necessity hereby issue this Private Registered Setoff Bond,
tendered, in good faith, as full satisfaction of any and all claims and/or
demands, to wit: In the Creditor’s
rightful Sui Juris status, the
Creditor does hereby knowingly and with full disclosure hold, bind and obligate
Creditor’s collateral jointly and severally by this instrument as voluntary
surety for all of the above-noted Account Holders and Accounts, each severally,
for any amount up to and including: Four-million
Five-hundred Thousand United States Dollars, i.e., $4,500,000.00, insuring, underwriting, indemnifying and discharging
the said Account Holders and Accounts against any and all pre-existing, current
and future losses, costs, debts, taxes, encumbrances, deficits, deficiencies,
liens, judgments, true bills, obligations of contract or performance, defaults,
charges, and any and all other obligations as may exist or come to exist during
the term of this bond (jointly and severally “Liabilities”), thereby honorably discharging
and vacating dollar-for-dollar all such obligations until the sum or the term
of this bond is exhausted. The PAYEE
shall have ten (10) days from presentment to dishonor this bond by returning it
to the Principal by registered mail at the exact mailing location shown
below. Failure to return this bond will
stipulate acceptance and honor.
SATISFACTION
OF LIABILITIES. The PAYEE may demand
payment of all or any portion hereof at its discretion by posting the payment
to the Private Offset Account above-indicated dollar-for-dollar and
transferring the obligation by TT&L or presentment to:
Steven Terner Mnuchin (“Secretary”)
Secretary
of the Treasury
U.S.
Department of the Treasury
1500
Pennsylvania Avenue, N.W.
Washington,
D.C. 20220
PRIVATE
OFFSET ACCOUNT. The PAYEE shall by the end of business on the day of
presentment and in any case no later than one business day thereafter post the
full or partial value of this bond to satisfy, set-off, pay, terminate, and
discharge dollar-for-dollar in accord with generally accepted accounting
principles any and all past, present, and/or future debts, liabilities,
encumbrances, deficiencies, deficits, liens, charges, fees, interest, bills,
true bills, taxes, obligations of contract and/or performance, instruments of
debt, and all other obligations (jointly and severally “Liabilities”)
attributed to the Account Holders and Accounts above-noted.
AMOUNT
DUE: PAYEE
enter the amount due below
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MATURITY. Upon demand, the Secretary shall release the
obligation dollar-for-dollar to the extent so paid, with the balance of the
bond remaining in full force and effect.
Upon satisfaction of this obligation in full, the Secretary shall mark
this bond cancelled and return it bearing the marks of cancellation to the Principal
or the Principal’s heirs by registered mail, all profits and proceeds accruing
since presentment to remain with the Secretary for the benefit and use of the
United States Department of the Treasury.
IN WITNESS WHEREOF, the Signatory to this
bond does hereby affix his respective hand and seal on this Second day of the Eighth
month in the year Two Thousand and Ten.
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