Answer:
Regulation U, section 221.3 (3) states "When a transfer is made between lenders, the transferee shall obtain a copy of the Form FR U1 or Form FR G3 originally filed with the transferor and retain the copy with its records of the transferee account. If no form was originally filed with the transferor, the transferee may accept in good faith a statement from the transferor describing the purpose of the loan and the collateral securing it."
First published on BankersOnline.com 5/07/01
print
share