Right of Setoff

Posted By: bgehres

Right of Setoff - 10/03/15 12:43 PM

Does the right of setoff get included on the CD? I couldn't find any guidance on the issue and somehow over looked it all this time. I'm guessing it would go under the Security Interest on the bottom left of page 4?
Posted By: rlcarey

Re: Right of Setoff - 10/03/15 10:51 PM

On a real estate loan? You need to visit with your legal counsel. Most States only allow one shot at collecting a loan secured by real estate and setting off a deposit account for one payment is usually not the way to go.