going strictly by the book

An old Native American wanted a loan for $500. He approached his local banker. The banker pulled out the loan application and asked:

“What are you going to do with the money?”

“Take jewelry to city and sell it,” said the old man.

“What have you got for collateral?”  queried the banker, going strictly by the book.

“Don’t know of collateral.”

“Well that’s something of value that would cover the cost of the loan. Have you got any vehicles?”

“Yes, I have a 1949 Chevy pickup.” [click to continue…]

Tagged as: bank, banker, Collateral, going strictly by the book, loan, local banker

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