Minnesota Assignment of Certificate of Deposit Agreement

State:
Multi-State
Control #:
US-01008DR
Format:
Word; 
Rich Text
Instant download

Description

A certificate of deposit is a certificate or document issued by a bank acknowledging the receipt of money with a promise to pay to the depositor the amount of the deposit plus interest. This form is a collateral assignment of a certificate of deposit to secure a debt or some other obligation.

This form is a generic example that may be referred to when preparing such a form for your particular state. It is for illustrative purposes only. Local laws should be consulted to determine any specific requirements for such a form in a particular jurisdiction.

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FAQ

State law requires that the amount of collateral pledged equal 110% of the uninsured amount on deposit. and above the deposit insurance amount, the financial institution needs to pledge collateral with a market value of $1,100 to protect the deposit.

Bank deposits are a savings product that customers can use to hold an amount of money at a bank for a specified length of time. In return, the financial institution will pay the customer the relevant amount of interest, based on how much they choose to deposit and for how long.

The UCC has a 4-year statute of limitations under Minn. Stat. § 336.2-725(1).

A financial institution may withdraw excess collateral or substitute other collateral after giving written notice to the government entity and receiving confirmation. The authority to return any delivered and assigned collateral rests with the government entity.

FDIC insurance covers deposits up to $250,000 for each entity. Deposits above this FDIC limit must be collateralized to ensure the safety of public funds.

Public money includes, but is not limited to, revenue and funds of the United States and deposit funds subject to the control or regulation of the United States or any of its officers, agents, or employees.

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Minnesota Assignment of Certificate of Deposit Agreement