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Lance pledged duplicate stock as collateral in two loans
Bert Lance pledged stock dividends as collateral for a $2,625,000 loan from Manufacturers Hanover Trust Co and then used the same stock as collateral for a second loan at a different bank. A spokesman said Lance violated a loan clause signed June 30, 1975, though the bank did not seek to call in the loan. Government officials found no federal law violation.
MENTIONED IN THIS ARTICLE
Washington
Bert Lance
New York
Lance
Office of Management
Manufacturers Hanover Trust Co
Hanover
Federal Reserve
House
Dietsch
James Hamberton
Manufacturers
Hamberton