Vermont 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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  • Preview Assignment of Certificate of Deposit Agreement
  • Preview Assignment of Certificate of Deposit Agreement
  • Preview Assignment of Certificate of Deposit Agreement
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How to fill out Assignment Of Certificate Of Deposit Agreement?

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FAQ

Certificate of Deposits (CDs) are the unsecured, negotiable money market instruments, which is equivalent to pro missionary note.

When a depositor purchases a CD, they agree to leave a certain amount of money on deposit at the bank for a certain period of time, such as one year. In exchange, the bank agrees to pay them a predetermined interest rate and guarantees the repayment of their principal at the end of the term.

ASSIGNMENT OF CERTIFICATE OF DEPOSIT means a certain ASSIGNMENT OF CERTIFICATE OF DEPOSIT of even date hereof in which the BORROWER assigns the CERTIFICATE OF DEPOSIT to the BANK as COLLATERAL for the payment of the OBLIGATIONS.

Collateral assignment is the transferring of an asset's right of ownership from the borrower to the lender up until the loan gets fully paid. The transferred asset can be the borrower's life insurance.

Assignment of CD means that certain Assignment of Certificate of Deposit, dated as of the Closing Date, in Proper Form, executed by Borrower for the benefit of Lender covering and affecting a certificate of deposit held and controlled by Lender in the amount of $1,000,000.00, as same may be amended, modified, restated ...

If you have a $500,000 life insurance policy and die while still owing $50,000 on a business loan, the lender could claim $50,000 of your death benefit ? assuming, of course, that you listed that lender as a collateral assignee.

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Vermont Assignment of Certificate of Deposit Agreement