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collateral assingment question

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  • collateral assingment question

    My husbands Life insurance policy had an assignment against it with the bank that would use up all of the proceeds. My husband passed away and the Life insurance company issued all funds to the beneficiary (me) never paying anything on the assignment to the bank. What are the legal issues involved with this situation?

  • #2
    Re: collateral assingment question

    What was the "assignment" for and to whom?

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    • #3
      Re: collateral assingment question

      We own a business...the assignment was to the bank on a loan package.

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      • #4
        Re: collateral assingment question

        If the proceeds were pledged and you now take them and don't pay the bank, they could try to sue you for breach of the agreement.

        Normally they would have set up a more secure structure so that you never actually take full control of the proceeds...but they apparently did not do that here.

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