Thread Starter: Dan Persfull
Title: Re: Unsecured Consumer Loan
Unless you have a security agreement identifying the deposit accounts you are taking a security interest in the FDIC (Chicago Region) will cite you for disclosing a security interest where none exists. Or at least they did us in 2000.
The right to offset is contracted for in a separate section of the note and as Richard indicates it is not a security interest in the accounts.
