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Using Savings/CD Account for Collateral-Not Owner

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

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 6/25/12

First published on 06/25/2012

Filed under: 
Filed under security as: 

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