QUESTION
What does this mean in layman's term, Grantor of Collateral?
Asked on Aug 02nd, 2013 on Estate Planning - Washington
9 ANSWERS
Bankruptcy Attorney serving Florissant, MO
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Law Offices of Thomas Corcoran Phipps
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That's a vague question. If a person is designated as that in a legal document, it sounds like a person who is giving another party a security interest in property, probably in exchange for a loan.
Answered on Aug 19th, 2013 at 7:28 PM
Thomas Edward Gates
It's the person who owns the property being offered for security.
Answered on Aug 09th, 2013 at 10:51 PM
Appellate Attorney serving Grosse Pointe Farms, MI
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Musilli Brennan Associates, PLLC
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It means you're about to be signing a legal document which you do not understand, and therefore I would be doing you a great disservice by helping you potentially injure yourself.
Answered on Aug 09th, 2013 at 10:51 PM
A person who pledges something tangible if you default on a loan.
Answered on Aug 09th, 2013 at 10:51 PM
Grantor is one who gives the person giving the property as collateral for a loan.
Answered on Aug 09th, 2013 at 10:51 PM
3 Awards
In general, a Grantor is the party that conveys, transfers, or assigns property to another party. A Grantor is also sometimes known as a Transferor, and occasionally, as a Settlor or Trustor, when reference is made to transfers to trusts. Collateral is property which is pledged to a lender to secure repayment of a loan. So, putting the two terms together, a Grantor of Collateral would be the person who transfers a security interest in some property to a lender as security for a loan. For example, if a woman borrows against her home, she would be the Grantor of Collateral when she (the Grantor) transfers her home (the Collateral) to the lender through a deed of trust.
Answered on Aug 09th, 2013 at 10:51 PM
Trusts Attorney serving Sacramento, CA
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Law Office of Victor Waid
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Grantor is the transferor of a property interest to someone, and collateral refers to a property interest, generally Used to secure some type of obligation such as a promissory note.
Answered on Aug 09th, 2013 at 10:51 PM
Business Law Attorney serving Bingham Farms, MI
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James T. Weiner, P.C.
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It means the person who put up collateral for a debt. Such as the owner of a house that signs a mortgage that uses the house as collateral for the loan.
Answered on Aug 09th, 2013 at 10:51 PM
Business Planning Attorney serving Livonia, MI
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Frederick & Frederick Attorneys at Law
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It sounds like someone was trying to set up a security interest in order to get a loan. Other than that, more information is needed.
Answered on Aug 09th, 2013 at 10:51 PM