(Name of Participating Bank)
ASSIGNMENT OF SAVINGS DEPOSIT ACCOUNT
In order to induce the _________________________________________________ (participating bank), to make, renew or extend a loan to:
____________________________________________ _______________________ (Note: name of person approved for loan collateralization by SHARE here) (hereinafter called “the Borrower”), the undersigned (if more than one, jointly and severally) hereby assign(s), set(s) over and transfer(s) to ________________________________ (participating bank), its successors and assigns, all right, title, and interest of the undersigned in and to the account of the undersigned in ______________________________ (participating bank), evidenced by certificate number(s) ________________________________ and all sums now or at any time hereafter on deposit therein together with all earnings of every kind and description which may now or hereafter accrue thereon, for the purpose of securing payment of each and every debt, liability or obligation of every type or description which the Borrower may now or at any time hereafter owe to ______________________________ (participating bank), whether such debt, liability or obligation now exists or is hereafter created or incurred, and whether it is direct or indirect, due or to become due, absolute or contingent or joint and or several (hereinafter called “Obligations”). The foregoing assignment shall be construed as a grant of a security interest, subject to the extent applicable to the Uniform Commercial Code of the state wherein this agreement is signed.
The undersigned hereby irrevocably authorize(s) and empower(s) the ___________________________________ (participating bank) at any time, whether or not at such time the Obligations or any part thereof are due and payable, in the name of the undersigned, to demand, apply for withdrawal, receipt and give acquittance for any and all sums which are or will become due and payable under said account, to exercise any and all rights and privileges and receive all benefits accorded to said account, and to execute any and all instruments required therefore, and to apply such moneys towards payment of the Obligations in such order of application as the _________________________________ (participating bank) may determine, all without notice to the undersigned. Until this assignment has been released in writing, the undersigned shall have no right to make any withdrawals from said account or to the issuance of any new certificate evidencing said account.
Name (Print or type)
Note: SHARE kept this standard legal form in its files for every SHARE account to allow SHARE to use the accounts as needed to collateralize loans. The depositor, the owner of funds in the account, signed this form at the time of opening the account. When loan collateralizations were approved, a SHARE officer would fill in the borrowers’ name in the third line.