(Name of Participating Bank)

ASSIGNMENT OF SAVINGS DEPOSIT ACCOUNT

 

In order to induce the __________________________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 First National Bank of the Berkshires, its successors and assigns, all right, title, and interest of the undersigned in and to the account of the undersigned in First National Bank of the Berkshires, 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 First National Bank of the Berkshires, 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 First National Bank of the Berkshires 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 First National Bank of the Berkshires 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.

 

__________________________________                                                                                            ___________________________________

Signature                                                                       Signature

 

__________________________________                                                                                            ___________________________________

Name (print or type)                                              Name (print or type)

 

__________________________________                                                                                            ___________________________________

Address                                                                          Address

 

Note: SHARE kept this standard legal form in its files for every deposit to allow SHARE to use the deposits when needed to collateralize loans. The depositor signed it in advance and SHARE used it when loan collateralizations were approved by filling in the borrowers' name in the second line.