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Installment Note Using Deposit Account as Collateral

Price $10.00

Document Id : 5258

Commercial lenders, prepare an Installment Promissory Note with this template form, under which a borrower agrees to set up a deposit account with the lender as collateral for the loan.
  • The borrower must make a minimum deposit in the account at regular intervals (such as monthly), as security against default in repayment of the loan.
  • The Note contains an acceleration clause, so that if the borrower defaults in a payment or becomes bankrupt or insolvent, the entire balance together with interest becomes immediately due and payable.
  • The Note also contains a provision that the borrower must pay liquidated damages if the borrower defaults in making a payment.
This Installment Note Using Deposit Account as Collateral template is available in MS Word format, and can be edited as necessary to include all the specifics of your transaction.

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