I’m not sure about TN law, but from a TIL stand point, I think you might have an issue. Is you go with the wording you have in quotation marks, that could include DDA, SAV, CD, IRA’s, etc. I don’t think that that is the intent from what you’ve stated. A more accurate description should probably be used, such as: We are taking a security interest in CD # xxxxxxx.
I hope this helps.