South Carolina Code 34-26-1360. Acceptance of security for loans; pledges, assignments, hypothecation, or mortgages
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Terms Used In South Carolina Code 34-26-1360
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Guarantor: A party who agrees to be responsible for the payment of another party's debts should that party default. Source: OCC
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
The corporate credit union may require and accept security for loans to a member in the form of a pledge, assignment, hypothecation, or mortgage of any assets of the member or a guarantor.