[Judith Anne]

I like that solution. How did that actually work? In whose name was the money deposited? I’d love to do things that way....not that I’m the “rick relative” just that I do get asked for momey.

[Oatka]

In whose name was the money deposited?

In the rich guy's name - he just put it up as security, with the bank acting as the collector of payments from the relative. There was always the case that the borrower would default and the deposit would be lost, but the fact that the borrower would be dunned by the bank and not the relative evidently weeded out the deadbeats.

[Oatka]

In whose name was the money deposited?

Oops - should be:
In the rich guy's name - he just put it up as security, with the bank acting as the collector of payments from the relative. There was always the case that the borrower would default and the deposit would be lost, but the fact that the borrower would be dunned by the bank and not the RICH GUY evidently weeded out the deadbeats.