- Irwin Schiff's recent Clark County lawsuit against the
Bank of America has caused that Bank to change its "Depositor's Agreement."
It now reads that if that Bank mistakenly gives your money to someone else,
you won't hold the Bank liable. No, we are not making this up. You will
find this new provision on page 2, paragraph 5 of its new "Depositor's
Agreement." "Unlike most other banks," said Schiff, "the
Bank of America's 'Depositor's Agreement' allows it to turn over your money
to "another person or entity (who) makes a claim against the funds
in your account." even without a court order.
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- Most people are unaware of these agreements, including
myself, when I opened several accounts in that bank a while ago. The Bank
subsequently turned over $8,000 of my money to the IRS, even though they
were under no legal obligation to do so. So I sued the Bank for breach
of contract and am now seeking $83,000 in damages.
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- Despite this provision in its Agreement, I was still
able to claim an abuse of desecration and breach of contract. The Bank
had no legal obligation to honor a Notice of Levy sent to it by IRS Revenue
Officer James F. Gritis. A month after I filled my lawsuit," said
Schiff, "the bank substantially rewrote its agreement which now includes
an outrageous provision that depositors won't hold the Bank liable even
if it wrongfully turns over their money to someone else. How many people
with money in that Bank know that they have agreed to such a ridiculous
proposition? And the Bank even added a provision that by leaving your money
in that bank you have agreed to these new provisions even if you are unaware
of them."
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- Trying to insulate itself against a rash of law suits
which would result from Schiff's successful lawsuit against the Bank, the
Bank's new agreement also contains provisions that if you do sue the bank,
you waive your right to a jury trial and also agree now to join any class
action or other lawsuit against the bank. Schiff claimed that he doesn't
believe that these new provisions will hold up, and anyone who has had
funds turned over to the IRS by that Bank in the last two years could join
his lawsuit against the bank.
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- "In addition," said Schiff, who has written
numerous books exposing the federal government's illegal enforcement of
the income tax, "anybody can sue any third party who has turned over
your funds to the IRS within the last two years, on the same basis as I
have sued the bank of America." For more information on how to sue
banks and other third parties who have turned over your money to the IRS,
call Schiff, who maintains offices at 444 E. Sahara, at (702) 385-6920
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- http://www.lasvegastribune.com/2002/02/06/mainpage/Main/FP02020604.htm
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