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Certificate of Deposit for Collateral-Wrong #

Answered by: 

Question: 
We have taken a certificate of deposit for collateral on a loan. The officer printed the assignment of deposit with the collateral description reading all existing and future accounts instead of the CD and number we actually took. Are we covered if the loan defaults?
Answer: 

This qestion is a matter of State law and you should be seeking legal counsel assistance to determine if your security interest is perfected.

First published on BankersOnline.com 3/4/13

First published on 03/04/2013

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