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Certificate of Deposit for Collateral-Wrong #

Answered by: 
Randy Carey

Question: 
We have taken a certificate of deposit for collateral on a loan. The officer printed the assignment of deposit with the collateral description reading all existing and future accounts instead of the CD and number we actually took. Are we covered if the loan defaults?
Answer: 

This qestion is a matter of State law and you should be seeking legal counsel assistance to determine if your security interest is perfected.

First published on BankersOnline.com 3/4/13

First published on 03/04/2013

Filed under: 
Lending
Security
Filed under lending as: 
Certificate of Deposit
Collateral
Interest
Security
Security Interest
Filed under security as: 
Certificate of Deposit
Collateral
Security
Security Interest

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