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assignments of deposit accounts

Home Forums What else is on your mind? assignments of deposit accounts

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  • #2657
    dcsluder1
    Participant

    We have taken a cd as collateral for a loan, the officer has put for collateral description on the assignment form, “all existing and future accounts” instead of listing the cd number. Is this acceptable in the state of Tn?

    #3009
    JGo9
    Participant

    I’m not sure about TN law, but from a TIL stand point, I think you might have an issue. Is you go with the wording you have in quotation marks, that could include DDA, SAV, CD, IRA’s, etc. I don’t think that that is the intent from what you’ve stated. A more accurate description should probably be used, such as: We are taking a security interest in CD # xxxxxxx.

    I hope this helps.

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