As additional collateral security for a loan, an association may accept the assignment or pledge of the account or accounts of the borrower or of any other account owner, or additional collateral of any kind.
Mo. Rev. Stat. § 369.239
Association may accept pledge of borrower's account or other additional..
Known as the Savings and Loan Law
The act spans §§ 369–369 (92 sections).
Effective: 28 Aug 1983; (L. 1971 S.B. 3 § 47, A.L. 1983 H.B. 570)
Official source: Missouri Revisor of Statutes. Reproduced from public-domain Missouri statutes; confirm against the official source for the current text. Not legal advice.