Can the chartered banks require security for loans outside the types indicated in the federal Bank Act?
A) Yes, guarantees by third party.
B) Yes, warehouse receipts and order bills of lading.
C) No, only those types of security listed in the Act.
D) Yes, pledge of shares and bonds.
E) Yes, assignment of book debts.

Question

Quizplus · Accepted Answer

The federal Bank Act specifies the types of security that chartered banks can require for loans, and they cannot demand security outside of those listed in the Act.

Can the Chartered Banks Require Security for Loans Outside the Types