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#364949 - 05/27/05 06:55 PM Collateral Receipt
SouthernComfort Offline
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Joined: Aug 2001
Posts: 705
Southern Illinois, USA
Do you need a collateral receipt signed if you take a savings account as collateral for a loan. There is nothing to put in the collateral file. Isn't that what the collateral receipt pertains to? Where can I find information on this?

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Lending Compliance
#364950 - 05/27/05 07:14 PM Re: Collateral Receipt
Andy_Z Offline
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Andy_Z
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Posts: 27,752
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State law can determine what you do to perfect an interest in collateral like a savings account or CD. This is best asked in your state forum.
_________________________
AndyZ CRCM
My opinions are not necessarily my employers.
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Rules and Regs minus Relationships equals Resentment and Rebellion. John Maxwell

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#364951 - 05/27/05 07:20 PM Re: Collateral Receipt
SouthernComfort Offline
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Joined: Aug 2001
Posts: 705
Southern Illinois, USA
Thanks Andy!!!

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#364952 - 05/27/05 08:38 PM Re: Collateral Receipt
Darty Offline
Member
Joined: Oct 2003
Posts: 82
CT
Wouldn't you have had the account owner sign a pledge or hypothocation agreement for the savings account.

I only use collateral receipts on liquid collateral (stock certs, etc.)

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#364953 - 05/27/05 08:41 PM Re: Collateral Receipt
Andy_Z Offline
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Andy_Z
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We didn't do more than show it on the collateral agreement of the note by account and dollar, then held the funds. (Hopefully for the duration of the loan. But not always. )

Some states may differ.
_________________________
AndyZ CRCM
My opinions are not necessarily my employers.
R+R-R=R+R
Rules and Regs minus Relationships equals Resentment and Rebellion. John Maxwell

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#364954 - 04/05/06 08:01 PM Re: Collateral Receipt
QCL Offline
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QCL
Joined: May 2002
Posts: 6,259
NW IL
I did a search and found this thread, I hope you don't mind me bringing it back to life.

I am wondering if any of you could send me a sample copy of one of your generic collateral receipts. We are modifying ours and looking for a way to make them easier for CSRs to read and fill out properly. Could you PM me. Thanks!

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