CHATTEL LIEN NON-FILING BOND - NO. DH-03-21058

• Document Type: CREST
• Collection: General CIA Records
• Document Number (FOIA) /ESDN (CREST): CIA-RDP78-04718A000300130002-4
• Release Decision: RIPPUB
• Original Classification: K
• Document Page Count: 2
• Document Creation Date: December 9, 2016
• Document Release Date: June 26, 2001
• Sequence Number: 2
• Publication Date: January 5, 1953
• Content Type: LETTER

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Approved FoA&elease 2001/08/08 : CIA-RDP78-0471$%000300130002-4 t
LIBERTY W MUTUAL
January 5, 1953
CIA FEDERAL CREDIT UNION
Central Intelligence Agency
4'dashington 25, D. C.
SUBJECT: CHATTEL LIEN NON-FILING BOND -- No. DF--03-21058
We enclose your letter of December 30, 1952 properly authorized by the Liberty
Mutual Insurance Company as requested. By way of explanation and to further clarify
the proposed use of this Bond please be advised that it was designed specifically
to do the following:
a. Eliminate the necessity of recording chattel mortgages
usually handled by credit unions and specifically defined
in the contract. In other words, the Bond makes it
possible for you to deliberately fail to record and
indemnifies you for loss due to the non-recording. From
an insurance viewpoint, if I were operating a credit
union and had purchased Liberty Mutual's Chattel Lien
Non-Filing Bond, I would make no chattel lien recordings
except in those few instances where I felt the risk being
financed might be slightly substandard.
b. Avoid the expense arising out of clerical work necessary
to make such recordings.
There were some other considerations which prompted us to produce this contract,
however, the main advantages to the credit union are as stated above.
Should you have any further questions on this coverage I shall be glad to hear from
you accordingly.
FMB/mac
Enc.
Approved For Release 2001/08/08 : CIA-RDP78-04718A000300130002-4
We work to keep you safe
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Approved For Release 2001/08/08 : CIA-RDP78-04718A000300130002-4