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In order to comply with the U.S.A. Patriot Act, the ABD Federal Credit Union is required to verify the identity the members applying for and opening new accounts/services or adding signatories to existing accounts/services with the credit union. Information that we are required to obtain includes:

Additional data or identification, as required under the U.S.A. Patriot Act, may also be gathered depending on the type of account applied for or opened.

Data on existing members will be gathered as they open or use additional services offered by the credit union or add signatories on accounts.

The U.S.A. Patriot Act requires the credit union to maintain records of the identification verification and update the information.

Confidentiality of this information will be maintained as required under the Privacy Act and all other applicable laws and regulations.



Payments/Finance Charges: For value received, I promise to pay, at your office, all amounts due. All payments shall be made pursuant to the disclosure statement on page 1 of this document. I understand that the finance charge and total of payments shown on page 1 of this document are based on the assumption that all installment payments will be made on the scheduled due dates. If I fail to pay any installment by the time it is due, I will pay additional interest on the overdue amount.

Allocation of Payments and Additional Payments: Payments and credits shall be applied in the following order; any amount past due; any fees or charges owing, including any insurance premiums; accrued interest or finance charges; outstanding principal. Payments made in addition to regularly scheduled payments shall be applied in the same order.

Late Charges: If I make a late payment, I agree to pay a late charge if one is disclosed on page 1 of this document.

Property Insurance: If I obtain a loan secured by a motor vehicle or other tangible property, I must obtain insurance which protects the credit union from financial loss. Such a policy must provide at least fire, theft, combined additional coverages and collision insurance. It must contain a Loss Payable clause endorsement naming the credit union as lien holder. I may obtain this insurance from any agent of my choice and direct the agent to send you a copy of the policy.

Debtor Responsibility: I promise to notify you of any change in my name, address or employment. I promise not to apply for a loan if I know there is a reasonable probability that I will be unable to repay my obligation according to the terms of the credit extension. I promise to inform you of any new information which relates to my ability to repay my obligation. I promise not to submit false or inaccurate information or willfully conceal information regarding my creditworthiness, credit standing, or credit capacity.

Default: I shall be considered in default if any of the following occur: (1) If I break any promise made under this Loan Agreement or under the Security Agreement; or (2) if I don not use the money you loaned me for the purpose stated in my application; (3) if you should, in good faith, believe that prospect of payment, performance or realization of the collateral, if any, is impaired; or (4) if I die; or (5) if I file a petition in bankruptcy, insolvency, or receivership or am put involuntarily into such proceedings; or (6) if the collateral, if any, given as security for this loan is lost, damaged or destroyed, or if it is levied against, attached or garnished; or (7) if I do not pay on time any of my other or future debts to you. If I default, you may, at your option and without prior notice, declare that loan immediately due and payable, and I must immediately pay the total unpaid balance, as well as the Finance Charge to date, any late charges and costs of collection permitted under law, including reasonable attorney’s fees and reasonable expenses of repossession and disposition of the collateral, that you may incur. Costs of collection include, but are not limited to, repossession fees, appraisals, environmental site assessments, casualty damage insurance coverage, and attorney’s fees for any action taken by an attorney in order to collect this loan or preserve or protect the credit union’s right and remedies, including, without limitation, per-suit demands for payment, per-suit dedication or settlement negotiations. Investigation and assessment of the credit unions’ rights, participation in bankruptcy cases, matters, and proceedings (including, without limitation, filing proofs of claim, pursuing reaffirmation agreements, attending meetings of creditors, and pursuing complaints, motions, and objections that relate in any way to the credit union’s collateral or right to payment), collateral disposition, non-bankruptcy suits and/or administrative actions. and appeals. The principal balance in default shall bear interest at the contract rate.

Statutory Lien: If borrower is in default, federal law gives Credit Union the right to apply the balance of shares and/or dividends in Borrower’s account(s) at the time of default to satisfy this loan. Once Borrower is in default, Credit Union may exercise this right without further notice to Borrower.

Delay In Enforcement: You may delay enforcing any of your rights under this agreement without losing them.

Irregular Payments: You may accept late payments or partial payment, even though marked “payment in full,” without losing any of your right under this agreement.

Co-makers: If I am signing this agreement as a co-maker, I agree to be equally responsible with the borrower, but you may sue either or both of us. You do not have to notify me that this agreement has not been paid. You may extend the terms of payment and release any security without notifying or releasing me from responsibility on this agreement.


1. To secure payment of this loan and all expenditures incurred by the credit union in conjunction with this loan, or in realizing on a security interest. I grant to you a security interest in the property described on page 1 of this document. The security interest includes all increases substitutions and additions to the secured property, proceeds from any insurance on the secured property and all earnings received from the secured property.

Cross-collateralization. Property given as security for this loan or for any other loan Borrower has with the credit union will secure all amounts Borrower owes the credit union now an in the future. However, property securing another debt will not secure this loan if such property is Borrower’s principal residence (unless the proper rescission notices are given and any other legal requirements are satisfied), or are non-purchase money household goods.

2. I will not change the location of, sell or transfer the collateral unless I have your prior written consent.

3. I warrant that I have good title to the collateral, free of all security interests except that given to the credit union and except for any interest of a non-co-maker owner of the collateral who has signed the agreement in the indicated place.

4. I will pay all taxes, assessments, and liens against or attached to the property described and further agree to keep the property in good condition, housed in a suitable shelter, I agree to execute financing statements and security agreement amendments at your request and will request and will defend the property against adverse third party claims.

5. I will maintain insurance to cover any vehicle or other property in which you have a security interest. This insurance will be in a form and an amount satisfactory to you. I will supply you with proof of such insurance until all sums owed to your and secured by this property are repaid. If I fail to maintain such insurance, you may, but are not required to, obtain insurance of your own and add the cost if such to the sums owed. This cost will bear interest at the contract insurance rate until paid. I further assign to you the right to receive the proceeds of any insurance on such property, and direct any insurer to pay those proceeds directly to you. I authorize you to endorse any check or draft provided as the proceeds of such insurance and apply those proceeds to the sums owed to you.

I further authorize you to provide your Insurance Service Center with the necessary information for verification of adequate coverage.

I acknowledge that insurance, or any extension thereof, placed by you is without benefit to me individually but is primarily for the protection of you.

6. Should you feel at any time that the security presented has diminished in value, or for any reason feel that additional security is required, I agree to assign to you within ten (10) days whatever additional security you feel is necessary to protect yourself against possible loss.

7. If default as defined in the Loan Agreement should occur, you have the authority, upon such default, to repossess and sell the collateral in a lawful manner. In such case, you or your authorized representatives may, at your option, enter the premises where the collateral is kept and take possession, subject to applicable laws. You have the right to render the property pledged as collateral unusable and may dispose of the collateral, you will notify me of the time and place of the intended disposition prior to the sale or disposition. If you sell or otherwise dispose of the collateral you may collect from me reasonable expenses incurred in the retaking, holding and preparing the collateral for and arranging the sale of expenses, permitted by applicable law, incurred in connection with disposition of the property. Unless I default, I may keep possession of the property (collateral) described and use it in any lawful manner consistent with this agreement or with the insurance policy on the collateral. I understand that you have certain rights and legal remedies available to you under the Uniform Commercial Code and other applicable laws, and that you may use these rights to enforce payment if I default, In the event, I will at your request assemble the property (collateral) and make it available to you at a place of your choosing. If you decide to waive this default, it will not constitute waiver of any other subsequent defaults.

8. You are hereby appointed, as my Attorney-in-Fact to perform any acts which you feel are necessary to protect the collateral and the security interest which this agreement creates.

9. If there is more that one borrower, our obligations under this agreement are joint and several, each being equally responsible to fulfill the terms of this agreement.

10. This security agreement not only binds me, but my executors, administrator, heirs, and assigns.

Contractual Pledge of Shares: I pledge all my shares and deposits in the credit union, including future additions, as security for this loan. In case I default, you my apply these shares and deposits to the payment of all sums due at the dime of default, including costs of collection and reasonable attorney’s fees. No lien or right to impress a lien on shares and deposits shall apply to any of my shares which may be held in an “Individual Retirement Account” or “Keogh Plan.”

I Accept       I Decline 
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