A collateral safekeeping agreement is a sort of extension to the various types of collateral loan agreements where as a security against the loan, certain valuable thing of borrower is kept as collateral. As per collateral safekeeping agreement, the loan borrower can request to hand over the collateral to a custodian with the loan financing institution’s consent.
This is known as safekeeping of the collateral where the custodian is held to securely safe keep the collateral till the custodian receives a written confirmation from the loan financing institution that the loan has been fully paid back. This implies that custodian acts as an agent for the loan financing institution and retains the collateral’s possession for loan assigning party. The borrower is also bound with certain conditions, where he cannot withdraw collateral or any part of it from the custodian without the loan financing institution’s written consent
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