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BankersOnline.com Forums State-Specific Compliance Issues Texas CDs as collateral
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#37167 - 10/15/02 05:43 PM CDs as collateral
rlcarey Offline
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rlcarey
Joined: Jul 2001
Posts: 83,371
Galveston, TX
As I read the revised Article 9 in Texas, if you have a deposit account to secure a commercial transaction, there would be no reason to file a UCC to perfect the lien as long as the deposit account is at your bank and you effectively have possession. What am I missing as I'm not a Article 9 guru??
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#37168 - 10/15/02 06:18 PM Re: CDs as collateral
Andy_Z Offline
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Andy_Z
Joined: Oct 2000
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I won't profess to be a UCC guru either. But I want to say that a nonneogtiable CD is perfected by control, that is, who has it or has it tagged on the system as pledged.
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AndyZ CRCM
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#37169 - 10/15/02 07:20 PM Re: CDs as collateral
rlcarey Offline
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rlcarey
Joined: Jul 2001
Posts: 83,371
Galveston, TX
Thanks Andy - That's the way I read it.
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