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We have taken a cd as collateral for a loan, the officer has put for collateral description on the assignment form, “all existing and future accounts” instead of listing the cd number. Is this acceptable in the state of Tn?
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.
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