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#1480 - 04/26/01 07:13 PM Trust Agreement
CFreasier Offline
Junior Member
Joined: Mar 2001
Posts: 25
Corpus Christi, TX, USA
We are making a loan to an individual for the purchase of a tow truck and equipment attached to the truck. We will be giving the borrower the check to take to the dealer. Our loan officer is wanting the borrower to sign a "Trust Agreement" stating he will have our lien recorded on the title. Has anyone heard of a form like this? If so, where can I find a sample?

Thanks in advance!


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General Discussion
#1481 - 04/27/01 11:46 PM Re: Trust Agreement
Anonymous
Unregistered

Maybe a "Purchase Draft" would work better. Are you familiar with them?

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#1482 - 04/30/01 03:20 PM Re: Trust Agreement
Anonymous
Unregistered

We use what we call a "Trust Receipt" in these and many other cases. If someone takes a car title, etc., out of the bank to have it transferred into their name or have our lein registered on it, they must sign a trust receipt with the make, model & VIN on it stating that the title is in their possession, and basically promising to bring it back ASAP. We use this a lot for our dealers that have floor plans. It may not have a lot of weight behind it, but it lets the customer know that you do keep up with whatever titles, etc., are out of the bank.

Hope this helps



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