Bank Acknowledgment & Agreement

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This Bank Acknowledgment and Agreement is between a financial institution and a borrower who uses a bank account as security for a loan. This agreement can easily be tailored to fit your unique needs.

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This Bank Acknowledgment and Agreement is between a lender and a borrower who grants lender a security interest in bank accounts for a loan. This agreement sets out the name of the lender, date of credit or loan agreement and name of the borrower. It also sets out the accounts which are held by lender as security. It is imperative that this type of agreement be set forth in writing. A written Bank Acknowledgment and Agreement will prove useful in the event there are disagreements or misunderstandings regarding the security.

This Bank Acknowledgment and Agreement contains:
  • Parties: Sets out the names of lender and borrower and date of the credit agreement;
  • Security Interest: Bank information (i.e. account and bank routing numbers) and that the account is used as collateral security;
  • Signature: This acknowledgment must be signed by the borrower's bank or financial institution.

Protect your rights and your property by using our attorney-prepared forms.

This attorney-prepared packet contains:
  1. General Instructions
  2. Bank Acknowledgment and Agreement
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.
 
 
Acknowledgement and Agreement

 

 

TO:   [Name of Lender] (the “Lender”)
RE:   Credit Agreement dated [Date of Credit Agreement (ie. July 31, 2002)] (the “Credit Agreement”) between [Name of Borrower] and the Lender
For good and valuable consideration, the undersigned hereby:
1.   acknowledges that [Name of Borrower] (the “Borrower”) has granted to the Lender a security interest in all amounts held by the undersigned on behalf of the Borrower from time to time (including, without limitation, all amounts held in account no [Account No.] at [Name of Bank at which Account is held] branch transit no. [Branch Transit No.]) and all investments held from time to time (such funds and investments being collectively referred to as the “Collateral”) as continuing collateral security for obligations owing by it to the Lender under or in connection with the Credit Agreement;
2.   confirms that it has not been granted a security interest in the Collateral;
3.   agrees not to set-off against any indebtedness owing by the Borrower to the undersigned any of the Collateral;
4.   agrees to provide to the Lender upon written request from time to time, information as to the funds comprising the Collateral;
5.   promptly upon receipt of a written direction from the Lender to such effect, agrees not to deliver the Collateral to the Borrower;
6.   promptly upon receipt of a written notice of the Lender specifying that the security interest granted to the Lender has become enforceable, agrees to deliver up to the Lender, at the place specified in the aforesaid notice, all of the Collateral.
Any written notice, direction or request hereunder may be provided to the undersigned by deliver or fax transmission to the address or fax number set out below the undersigneds signature.
Dated this _____ day of ____________________, 20_____.
 
 
[NAME OF BORROWER'S EXISTING BANK]
 
 
 
 
Per:
 
 
 
 
Name:   
Title:   
Address of Borrower's Existing Bank:
 
 
 
[Address of Borrower's Existing Bank]
 
 
Attention:   [Attention]
 
 
Fax No.:   [Fax No.]
 
 
 
Number of Pages4
DimensionsDesigned for Letter Size (8.5" x 11")
EditableYes (.doc, .wpd and .rtf)
UsageUnlimited number of prints
Product number#28599
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.
 
 
Acknowledgement and Agreement

 

 

TO:   [Name of Lender] (the “Lender”)
RE:   Credit Agreement dated [Date of Credit Agreement (ie. July 31, 2002)] (the “Credit Agreement”) between [Name of Borrower] and the Lender
For good and valuable consideration, the undersigned hereby:
1.   acknowledges that [Name of Borrower] (the “Borrower”) has granted to the Lender a security interest in all amounts held by the undersigned on behalf of the Borrower from time to time (including, without limitation, all amounts held in account no [Account No.] at [Name of Bank at which Account is held] branch transit no. [Branch Transit No.]) and all investments held from time to time (such funds and investments being collectively referred to as the “Collateral”) as continuing collateral security for obligations owing by it to the Lender under or in connection with the Credit Agreement;
2.   confirms that it has not been granted a security interest in the Collateral;
3.   agrees not to set-off against any indebtedness owing by the Borrower to the undersigned any of the Collateral;
4.   agrees to provide to the Lender upon written request from time to time, information as to the funds comprising the Collateral;
5.   promptly upon receipt of a written direction from the Lender to such effect, agrees not to deliver the Collateral to the Borrower;
6.   promptly upon receipt of a written notice of the Lender specifying that the security interest granted to the Lender has become enforceable, agrees to deliver up to the Lender, at the place specified in the aforesaid notice, all of the Collateral.
Any written notice, direction or request hereunder may be provided to the undersigned by deliver or fax transmission to the address or fax number set out below the undersigneds signature.
Dated this _____ day of ____________________, 20_____.
 
 
[NAME OF BORROWER'S EXISTING BANK]
 
 
 
 
Per:
 
 
 
 
Name:   
Title:   
Address of Borrower's Existing Bank:
 
 
 
[Address of Borrower's Existing Bank]
 
 
Attention:   [Attention]
 
 
Fax No.:   [Fax No.]
 
 
 
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