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This document serves as a formal assignment and transfer of a savings account to the Commissioner of Commerce as collateral security for the operation of a Minnesota money transmitter, in compliance with Minnesota Statutes. It includes provisions for the acknowledgment of the assignment by the financial institution and the release of the assignment.
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What is assignment of timesavings account?
An assignment of timesavings account refers to the designation of rights to access, manage, or transfer funds in a specific timesavings account to another party.
Who is required to file assignment of timesavings account?
Typically, individuals or entities that are transferring rights associated with the timesavings account or those seeking to formalize a claim against the account would be required to file an assignment.
How to fill out assignment of timesavings account?
To fill out the assignment of timesavings account, provide the necessary personal details, identify the account information, specify the assignee's details, and sign the document as required.
What is the purpose of assignment of timesavings account?
The purpose of assignment of timesavings account is to formally transfer rights and interests in the account, which may be for purposes such as collateral for a loan or the transfer of ownership.
What information must be reported on assignment of timesavings account?
Information that must be reported includes the account holder's name and details, the name and identification of the assignee, the account number, date of assignment, and signatures of both parties.
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