A collateral trust agreement can be defined as a written legal document according to which a lender or lending institution like bank transfers the legal ownership rights of certain property or collateral to a third party which may be an individual or an organization which is required to administer the property for a certain duration generally in which loan is paid back for the benefit of the lender and the borrower.
Generally such kind of agreement is an extensions to mortgage loans and in these agreements collateral is the property which has been mortgaged for money. This collateral is handed over to a trustee who holds this collateral in his possession as per the loan agreement. The trustee in the collateral trust agreement also possesses the power to sale off the collateral and pay back the debt in the event where debtor is unable to settle the loan amount.
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