What is the 'Depository Trust Company - DTC'. The Depository Trust Company (DTC) is one of the world's largest securities depositories. The DTC, which was founded in 1973 and is based in New York City, is organized as a limited purpose trust company and provides safekeeping through electronic recordkeeping of securities balances.
To be prepetition property, the security interest must attach to the property. A security interest attaches to personal property upon satisfaction of three requirements: (1) the parties have an adequate security agreement, (2) the secured party gives value, and (3) the debtor has rights or the power to transfer rights in the personal property.
Fannie Mae holds the Note and Additional Documents as bailee for the benefit of the Bank until (i) Fannie Mae delivers the Mortgage Backed Security (as defined below) by wire transfer in accordance with the delivery instructions specified on Form 2014, a copy of which is attached, or (ii) Fannie Mae returns to the Bank, as set forth below, the Note ...