This section is from the book "The Law Of Contracts", by William Herbert Page. Also available from Amazon: Commercial Contracts: A Practical Guide to Deals, Contracts, Agreements and Promises.
clause. $-------. -------.-------, 19-.
Bank, --------- dollars, for value received, at the office of said Bank with interest at --------- per cent. per annum, having deposited with said Bank as collaters security for payment of this or any other liability or liabilities of --------- to said Bank, due or to become due, or that may be hereinafter incurred, the following property: --------- [description of property], the market value of which is now $--------, with the right on the part .of said Bank from time to time to demand such additional collateral security as it may deem sufficient should the market value thereof decline, and also give said Bank a lien for the amount of all said liabilities upon all the property or securities given unto or left in its possession by the undersigned, and also upon any balance of the account of the undersigned with it. Upon failure to comply with any such demand, this obligation shall forthwith become due, with full power and authority to it, or its assigns, in case of such default or of the non-payment of any of the liabilities above mentioned at maturity, to sell, assign and deliver the whole or any part of such securities, or any substitutes therefor or additions thereto, at any broker's board, or at public or private sale, at its option, at any time or times thereafter without advertisement or notice to the undersigned, and with the right on the part of said Bank to become purchaser thereof at any public sale thereof or at any sale thereof at broker's board, freed and discharged of any equity of redemption. And after deducting all legal or other costs and expenses for collection, sale and delivery, to apply the residue of the proceeds of such sale or sales .so made, to the payment of any, either or all of said liabilities, as it may deem proper, rendering the overplus, if any, to the undersigned; and the undersigned will remain liable for any amount remaining unpaid after such sale. The undersigned do hereby authorize and empower said Bank, at its option, at any time, to appropriate and apply to the payment and extinguishment of any of the above-named obligations or liabilities, whether now existing or hereafter contracted, any and all moneys now or hereafter in its possession, on deposit or otherwise, to the credit of or belonging to the undersigned, whether said obligations or liabilities are then due, or not due. ---------.
See references under Sec. 3900.