Form DR7067 Deposit Account Control Agreement - Colorado

What Is Form DR7067?

This is a legal form that was released by the Colorado Department of Revenue - a government authority operating within Colorado. As of today, no separate filing guidelines for the form are provided by the issuing department.

FAQ

Q: What is a DR7067 Deposit Account Control Agreement?A: A DR7067 Deposit Account Control Agreement is a legal document used in the state of Colorado to establish control over a deposit account.

Q: What is the purpose of a DR7067 Deposit Account Control Agreement?A: The purpose of a DR7067 Deposit Account Control Agreement is to allow a creditor to have control and priority over funds in a deposit account, typically as security for a loan or other obligation.

Q: Who are the parties involved in a DR7067 Deposit Account Control Agreement?A: The parties involved in a DR7067 Deposit Account Control Agreement typically include the creditor, the debtor (the account holder), and the bank holding the deposit account.

Q: What rights does a creditor have under a DR7067 Deposit Account Control Agreement?A: A creditor who has a DR7067 Deposit Account Control Agreement in place has the right to instruct the bank to freeze, release, or transfer funds in the deposit account, typically as outlined in the agreement.

Q: What happens if the debtor defaults on their obligation?A: If the debtor defaults on their obligation, a creditor with a DR7067 Deposit Account Control Agreement may have the right to take possession of the funds in the deposit account to satisfy the debt.