This Security Agreement Over Deposit Agreement is between a creditor and a debtor who agrees to allow a deposit account to be used as security for a debt. This agreement sets forth the names of the parties, name of the financial institution where the deposit account is held and its account number. It also sets forth representations of the debtor, remedies in the event of default and that the security is continuing. A written Security Agreement Over Deposit Account will prove invaluable in the event there are disagreements or questions regarding the account which is held as security for a debt.

This Security Agreement Over Deposit Account includes the following:

• Parties: Sets forth the name of the creditor and debtor who is pledging the deposit account;
• Security Interest: Sets forth that the deposit account will serve as continuing security for the payment of the debt or obligation;
• Representations and Warranties: Sets forth the representations and warranties of the debtor including the power to enter into this agreement and that the deposit account will be held free and clear of all other security interests;
• Default/Remedies: Sets out the remedies available to both parties in the event of default;
• Signatures: Both creditor and debtor must sign this agreement in the presence of witnesses.

Protect yourself and your rights by using our attorney-prepared forms.

This attorney-prepared packet contains:

1. General Instructions
2. Security Agreement Over Deposit Account

State Law Compliance: This form complies with the laws of all states