Broker Trust Fund Service Available
As a result of the insurance crisis, many property brokers have found difficulty in obtaining surety bonds from
conventional insurers. Make no mistake, the only alternative to procuring a surety bond through a reputable
insurance company is to post a $10,000 cash collateral with a trustee. Letters of credit, pledges of receivables,
etc., with a financial institution will not do. See Ex Parte MC-5 Sub. 8, 1988 Fed. Carr. Cases 37,444.
In conjunction with PINNACLE NATIONAL BANK, we can post a Broker's Trust Fund Agreement on behalf of our clients
which fully meets the requirements of Form BMC-85. In return for your $10,000 certificate of deposit, you
will earn interest which will pay your annual maintenance fee and you can be assured that your claims will be
fairly and properly handled by skilled transportation professionals.
To initiate the Trust Account, there is a $250.00 origination fee which can be paid by company check,
and should be made payable to “Service of Process Agents, Inc.”, or paid with either a Visa or MasterCard.
The $10,000.00 must be paid in Certified Funds payable to “Pinnacle National Bank,” and
expedited to: C/O: Seaton & Husk Law Office, 2240 Gallows Road, Vienna, VA 22182 (Tel: 800-338-8883).
Once our office receives: (1) the completed Application For Property Broker’s Bank Trust Fund Agreement;
(2) the $250.00 Account Origination Fee; and (3) the $10,000.00 certified check,
we will draft the BMC-85 Trust Agreement and will forward it to you for formal execution.
Should you have any questions, please do not hesitate to contact Douglas S. Kaiser at 800-338-8883.
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