He pointed that while few depositors are aware, banks legally own the depositors’ funds as soon as they are put in the bank.
“Our money becomes the bank’s, and we become unsecured creditors holding IOUs or promises to pay,” Sinclair said.
http://www.hangthebankers.com/americans-warned-bank-bail-ins-coming/
Sinclair: A bank deposit is really an unsecured loan to a bank
“I think that our listeners need to understand that when they make a deposit in a bank, they don’t have an asset. They become an unsecured lender to the banking institution, that goes back to British law in the 1850s and present law in North America and elsewhere. In fact, it’s universally accepted that once you make a deposit in a bank you’re lending the money to the bank. When you hear that the bondholders and lenders will have to undertake the rescue of any banking institution that faces difficulty to the listener, you are the lender. You are a lender without collateral. You are in a very junior financial position.”
https://marketsanity.com/bank-deposit-unsecured-loans/
YOUR BANK DEPOSITS ARE UNSECURED LOANS TO THE BANK AND SUBJECT TO CONFISCATION
http://thoughtcrimeradio.net/2013/04/your-bank-deposits-are-unsecured-loans-to-the-bank-and-subject-to-confiscation/