This Assignment of Deposit Account as Security will effectively assign a deposit account as collateral security for a debt. This document sets out the detailed terms of the assignment and includes the name of the person receiving the assignment (the “assignee”) and the specifics regarding the financial institution where the deposit account is held. It is important that this agreement be set out in writing. Having a written Assignment of Deposit Account as Security will be helpful in the event of misunderstandings.

This Assignment of Deposit Account as Security includes the following provisions:

• Person Receiving Security: Sets out the name of the person receiving the deposit account as security;
• Financial Institution: The name and address of the financial institution where the account is held and the deposit account number;
• Indebtedness: The amount of assignor’s indebtedness;
• Money Collected or Received: Any monies collected or received may be applied toward the indebtedness on which the deposit account acts as security;
• Inspection: Assignor agrees to furnish assignee financing statements or other financial assignments or documents regarding the deposit account;
• Signatures: The assignor must sign this agreement in the presence of a witness.

Protect yourself and your rights by purchasing our professionally-prepared forms.

This attorney-prepared packet contains:

1. General Instructions
2. Assignment of Life Insurance as Security

State Law Compliance: This form complies with the laws of all states