Assignment of Deposit Account as Security

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This Assignment of Deposit Account as Security will effectively assign a specific deposit account as collateral for a debt. This assignment sets out the terms of the arrangement including the amount of the indebtedness and name and address of the financial institution where the deposit account is held.

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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.

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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
This is the content of the form and is provided for your convenience. It is not necessarily what the actual form looks like and does not include the information, instructions and other materials that come with the form you would purchase. An actual sample can also be viewed by clicking on the "Sample Form" near the top left of this page.
 
 
Assignment of Deposit Account as Security

 

 

 
FOR VALUABLE CONSIDERATION, the receipt and sufficiency of which is hereby acknowledged, the undersigned hereby assigns and transfers to Name of Person Receiving Assignment (Assignee) (the "Assignee") the deposit account held by the undersigned with the Name of Bank or Financial Institution at which Deposit Account is Maintained at Address of Bank or Financial Institution at which Deposit Account is Maintained bearing account number Account Number (the "Deposit Account")as a general and continuing collateral security for payment of all existing and future indebtedness and liability of the undersigned to the Assignee wheresoever and howsoever incurred and any ultimate unpaid balance thereof, and as a first and prior claim upon the Deposit Account. The undersigned further agrees as follows:
 
1.   The Assignee may collect, realize, sell or otherwise deal with the Deposit Account or any part thereof in such manner, upon such terms and conditions and at such time or times as may seem to it advisable and without notice to the undersigned (except as otherwise required by any applicable law), and may charge on its own behalf and pay to others reasonable sums for expenses incurred and for services rendered (expressly including legal advice and services) in or in connection with collecting, realizing, selling or obtaining payment of the Deposit Account and may add the amount of such sums to the indebtedness of the undersigned.
 
2.   The Assignee shall not be liable or accountable for any failure to collect, realize, sell or obtain payment of the Deposit Account or any part thereof and shall not be bound to institute proceedings for the purpose of collecting, realizing or obtaining payment of the same or for the purpose of preserving any rights of the Assignee, the undersigned or any other person, firm or corporation in respect of the same.
 
3.   The Assignee may grant extensions of time and other indulgences, take and give up securities, accept compositions, grant releases and discharges and otherwise deal with the undersigned, debtors of the undersigned, sureties and others and with the Deposit Account and other securities as the Assignee may see fit without prejudice to the liability of the undersigned or the Assignee's right to hold and realize this security.
 
4.   All moneys collected or received by the undersigned in respect of the Deposit Account shall be received as trustee for the Assignee and shall be forthwith paid to the Assignee.
 
5.   All moneys collected or received by the Assignee in respect of the Deposit Account (whether by virtue of paragraph 4 or otherwise) may be applied on account of such parts of the indebtedness and liability of the undersigned as to the Assignee seems best or in the discretion of the Assignee may be released to the undersigned, all without prejudice to the Assignee's claims upon the undersigned.
 
6.   The undersigned shall from time to time forthwith on request furnish to the Assignee in writing all information requested relating to the Deposit Account and the Assignee shall be entitled from time to time to inspect the aforesaid securities, bills, notes, books, papers and other documents or take temporary custody thereof and for such purposes the Assignee shall have access to all premises occupied by the undersigned.
 
7.   The undersigned shall from time to time forthwith on the Assignee's request do, make and execute all such financing statements, further assignments, documents, acts, matters and things as may be required by the Assignee of or with respect to the Deposit Account or any part thereof or as may be required to give effect to these presents, including, but not limited to obtaining waivers and subordinations of interests in the Deposit Account from any persons having a prior claim or interest thereto. The undersigned hereby constitutes and appoints the Assignee the true and lawful attorney of the undersigned irrevocable with full power or substitution to do, make and execute all such statements, assignments, documents, acts, matters or things with the right to use the name of the undersigned whenever and wherever it may be deemed necessary or expedient.
 
8.   The provisions hereof shall enure to the benefit of the successors and assigns of the Assignee and shall be binding upon the respective heirs, executors, administrators, successors and assigns of the undersigned.
 
Date:   Date of Assignment
 
 
 
 
 
 
Witness
 
Name of Person Making Assignment (Assignor)
 
Number of Pages4
DimensionsDesigned for Letter Size (8.5" x 11")
EditableYes (.doc, .wpd and .rtf)
UsageUnlimited number of prints
Product number#28607
This is the content of the form and is provided for your convenience. It is not necessarily what the actual form looks like and does not include the information, instructions and other materials that come with the form you would purchase. An actual sample can also be viewed by clicking on the "Sample Form" near the top left of this page.
 
 
Assignment of Deposit Account as Security

 

 

 
FOR VALUABLE CONSIDERATION, the receipt and sufficiency of which is hereby acknowledged, the undersigned hereby assigns and transfers to Name of Person Receiving Assignment (Assignee) (the "Assignee") the deposit account held by the undersigned with the Name of Bank or Financial Institution at which Deposit Account is Maintained at Address of Bank or Financial Institution at which Deposit Account is Maintained bearing account number Account Number (the "Deposit Account")as a general and continuing collateral security for payment of all existing and future indebtedness and liability of the undersigned to the Assignee wheresoever and howsoever incurred and any ultimate unpaid balance thereof, and as a first and prior claim upon the Deposit Account. The undersigned further agrees as follows:
 
1.   The Assignee may collect, realize, sell or otherwise deal with the Deposit Account or any part thereof in such manner, upon such terms and conditions and at such time or times as may seem to it advisable and without notice to the undersigned (except as otherwise required by any applicable law), and may charge on its own behalf and pay to others reasonable sums for expenses incurred and for services rendered (expressly including legal advice and services) in or in connection with collecting, realizing, selling or obtaining payment of the Deposit Account and may add the amount of such sums to the indebtedness of the undersigned.
 
2.   The Assignee shall not be liable or accountable for any failure to collect, realize, sell or obtain payment of the Deposit Account or any part thereof and shall not be bound to institute proceedings for the purpose of collecting, realizing or obtaining payment of the same or for the purpose of preserving any rights of the Assignee, the undersigned or any other person, firm or corporation in respect of the same.
 
3.   The Assignee may grant extensions of time and other indulgences, take and give up securities, accept compositions, grant releases and discharges and otherwise deal with the undersigned, debtors of the undersigned, sureties and others and with the Deposit Account and other securities as the Assignee may see fit without prejudice to the liability of the undersigned or the Assignee's right to hold and realize this security.
 
4.   All moneys collected or received by the undersigned in respect of the Deposit Account shall be received as trustee for the Assignee and shall be forthwith paid to the Assignee.
 
5.   All moneys collected or received by the Assignee in respect of the Deposit Account (whether by virtue of paragraph 4 or otherwise) may be applied on account of such parts of the indebtedness and liability of the undersigned as to the Assignee seems best or in the discretion of the Assignee may be released to the undersigned, all without prejudice to the Assignee's claims upon the undersigned.
 
6.   The undersigned shall from time to time forthwith on request furnish to the Assignee in writing all information requested relating to the Deposit Account and the Assignee shall be entitled from time to time to inspect the aforesaid securities, bills, notes, books, papers and other documents or take temporary custody thereof and for such purposes the Assignee shall have access to all premises occupied by the undersigned.
 
7.   The undersigned shall from time to time forthwith on the Assignee's request do, make and execute all such financing statements, further assignments, documents, acts, matters and things as may be required by the Assignee of or with respect to the Deposit Account or any part thereof or as may be required to give effect to these presents, including, but not limited to obtaining waivers and subordinations of interests in the Deposit Account from any persons having a prior claim or interest thereto. The undersigned hereby constitutes and appoints the Assignee the true and lawful attorney of the undersigned irrevocable with full power or substitution to do, make and execute all such statements, assignments, documents, acts, matters or things with the right to use the name of the undersigned whenever and wherever it may be deemed necessary or expedient.
 
8.   The provisions hereof shall enure to the benefit of the successors and assigns of the Assignee and shall be binding upon the respective heirs, executors, administrators, successors and assigns of the undersigned.
 
Date:   Date of Assignment
 
 
 
 
 
 
Witness
 
Name of Person Making Assignment (Assignor)
 
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