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.