Answer:
As long as the owner of the account grants a security interest in the account by signing a security agreement, I see it all the time.
First published on BankersOnline.com 6/25/12
Using Savings/CD Account for Collateral-Not Owner
Answered by:
Question:
Is it permitted to use someone else's savings or CD account (borrower isn't a co-owner) for collateral on a loan?
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