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Using Savings/CD Account for Collateral-Not Owner

Answered by: 

Question: 
Is it permitted to use someone else's savings or CD account (borrower isn't a co-owner) for collateral on a loan?
Answer: 

As long as the owner of the account grants a security interest in the account by signing a security agreement, I see it all the time.

First published on BankersOnline.com 6/25/12

First published on 06/25/2012

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Filed under security as: 

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