Skip to content
BOL Conferences
Learn More - Click Here!

Thread Options
#2225382 - 11/08/19 09:10 PM CD pledged as collateral
danyielg Offline
Gold Star
danyielg
Joined: Jun 2007
Posts: 434
OK
We have a CD customer who wants to pledge his CD for collateral on a loan. The CD is joint with right of survivorship with his wife. The wife is not on the loan, so does she have to sign the assigned of the CD for collateral for the loan? If the customer dies before the loan is paid off, do we have right of offset with the joint CD? Even if the joint owner did not sign the assignment?

Does the same apply to a joint savings account pledged for collateral? A vehicle that has joint owners on a title?

I can see this being a problem when some joint account holders live in another town or state.

I'm sure it's best practice to have all owners sign the assignment of collateral, but is it required in the state of Oklahoma?

Just wondering if other banks require all owners to sign.

Return to Top
#2226466 - 11/27/19 08:36 PM Re: CD pledged as collateral danyielg
HRH Okie Banker Offline
Power Poster
Joined: Jan 2003
Posts: 3,070
Oklahoma
I'd be interested to see the answer for this too. I've always thought the "survivor" only owned it after death but it would be subject to claims against the estate first. Essentially individually owned until there was something left to bequeath.
_________________________
Just working here until I get my letter from Hogwarts.

Return to Top
#2226497 - 11/29/19 10:18 AM Re: CD pledged as collateral danyielg
rlcarey Offline
10K Club
rlcarey
Joined: Jul 2001
Posts: 83,219
Galveston, TX
This addresses credit union deposits, I cannot find anything similar for a bank in the statutes.

https://law.justia.com/codes/oklahoma/2017/title-6/section-6-2024/

Probably would need OK legal counsel to opine,
_________________________
The opinions expressed here should not be construed to be those of my employer: PPDocs.com

Return to Top