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Assignment of Savings Account

Also known as: Assignment of Savings,  Assignment of Savings as Collateral, Assignment of Certificate of Deposit, Assignment Agreement

Assignment of Savings Account

Secured Loan that is collateralized by assignment of rights to property. As the loan is repaid the secured portion of the savings account is freed.

 

Assignment of Savings Account/Partial Sample

For value received, I, _________, of _________, transfer and assign to ______, of ________, as assignee, savings account No._____, in my name with _______, and all moneys due or to become due there under. I authorize ___________ to pay over to assignee this sum out of moneys deposited in my name in the above-mentioned account.

I warrant that I have made no prior transfer or assignment of any part of the account assigned hereby and that the balance thereof is now at least _______ Dollars ($________).

I have delivered to assignee herewith the savings passbook issued in connection with this account, and I authorize assignee to ask for, demand, collect, and give a receipt for money in the assigned savings account, without any previous demand or notice...

Items covered in the Assignment of Savings Account
  1. The sole right to collect from the Insurer the net proceeds of the account when it becomes a claim by death or maturity
  2. The sole right to surrender the Account and receive the surrender value at any time provided by the terms of the Agreement
  3. The sole right to exercise all nonforeiture rights

Before you sign the agreement......

    NOTICE : The information in this document is designed to provide an outline that you can follow when formulating business or personal plans. Due to the variances of many local, city, county and state laws, we recommend that you seek professional legal counseling before entering into any contract or agreement.

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