Replies to post #11446 on Netco Investments, Inc (fka NCVT)

[rca]

The note was filed and accepted in Pennsylvania, the 30 days to challenge the note expired.

Paul used Madison and a friendly attorney to try to attack the note in New York. Cognovit notes are not allowed in New York; however, the New York Supreme Court recognized that the full faith and credit act required that they recognize Pennsylvania cognovit judgments. The New York Supreme Court ruled that Pennsylvania's procedure is fair and constitutional. For that reason, Marco filed the appropriate summary judgment motion as to the validity of the Pennsylvania judgment.

In the interim, the Pennsylvania judgment was accepted by the District Court in Austin Texas and recognized as valid.

Once the Texas Court gave recognition to the cognovit note, which provided authority to Marco, he amended the Articles of Incorporation to eliminate the prior officer immunities and to cancel the preferred shares. Texas is what matters since Netco is a Texas corporation.