Security Interests in Deposit Accounts

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This article explains the requirements for perfecting a lender's security interest in securities accounts, which form of collateral is increasingly being used by borrowers as collateral for commercial loans. The article is also very useful in describing the important elements that should be in every three-party control agreement lodged with the securities intermediary (broker) to vest the lender's "control" in the securities account. The article is essential for loan officers since almost all brokers require that their own control agreement forms be used, and as a result, this article can be used as a guide for what to look for in the various forms of control agreements in use today.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

© Bennett Cohen, Cohen, Salk & Huvard, P.C. | Attorney Advertising

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