FORM OF                          Exhibit 10.3
                               SECURITIES ACCOUNT
                                CONTROL AGREEMENT



     This Securities   Account   Control   Agreement   ("Agreement")   is dated as of
September    12,   2008,   by   and   among   HERRING   BANK,   a   Texas   state   banking
institution,   in its   capacity   as a   "securities   intermediary"   as   defined in
Section   8-102 of the UCC,   with its   principal   office   located   at 2201   Civic
Circle,   Amarillo,   Texas 79109   ("Securities   Intermediary"),   AMERICAN   CHURCH
MORTGAGE COMPANY, a Minnesota corporation,   with its principal office located at
10237 Yellow Circle Drive, Minneapolis,   Minnesota 55343 ("Pledgor"), and BEACON
BANK, a Minnesota banking corporation, as lender under the hereinafter described
Credit   Agreement,   with   its   principal   office   located   at 19765   Highway   7,
Shorewood, Minnesota 55331 ("Secured Party").

     Pledgor is the borrower   under that   certain   Loan and   Security   Agreement
dated as of September 12, 2008 (as the same may be amended,   extended,   renewed,
increased,   restated or replaced from time to time,   the "Credit   Agreement") by
and between Pledgor, as borrower, and Secured Party, as lender.

     This Agreement   refers and applies to the   securities   account number _____
_________   (the   "ICA   Account")   established   by and in the   name   of   Pledgor,
including,   without   limitation,   all   investment   property,   financial   assets,
securities and other property now or hereafter held therein (the   "Assets").   As
of the date of execution of this   Agreement,   the Assets   described on Exhibit A
are held in the ICA Account. This Agreement   supplements,   rather than replaces,
Securities   Intermediary's   account   agreement,   terms and   conditions and other
standard   documentation   in effect   from time to time   with   respect   to the ICA
Account   ("Account   Documentation"),   or related services provided by Securities
Intermediary   in connection   with the ICA Account   ("Account   Services"),   which
Account   Documentation   shall   continue   to   apply to the ICA   Account   and such
Account   Services,   to the extent not   conflicting   with the   provisions of this
Agreement;   in the event of any such   conflict,   or in the   event of a   conflict
among the provisions of any other agreement between Securities   Intermediary and
Pledgor and this   Agreement,   the   provisions of this   Agreement   shall control.
Terms used and not defined herein shall have the meaning set forth in the Credit
Agreement.

     Pledgor   has advised   Securities   Intermediary   that   Pledgor has granted a
security   interest in the ICA Account to Secured   Party.   Pledgor   desires   that
Securities Intermediary enter into this Agreement with Pledgor and Secured Party
to establish   "control" and perfect Secured Party's security interest in the ICA
Account.

     Therefore,   in   consideration of the provisions of this Agreement and other
valuable   consideration,   the   receipt   and   sufficiency   of   which   are   hereby
acknowledged, the parties hereby agree as follows:


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     1. Control.

     (a) Securities Intermediary shall comply with entitlement orders respecting
the ICA Account originated by Secured Party without further consent by Pledgor.

     (b)   Securities   Intermediary   shall make   trades of Assets held in the ICA
Account only at the   direction of Secured   Party (and not Pledgor) and shall not
comply with entitlement   orders or other   directions   concerning the ICA Account
originated by Pledgor.

      (c) Without limiting the foregoing, upon the instructions of Secured Party,
Securities   Intermediary   shall   disburse   any or all of the   Assets   in the ICA
Account to Secured   Party,   or sell some or all of the Assets in the ICA Account
and remit the sale proceeds (less Securities Intermediary's normal sales charge)
to Secured Party.

     (d)   Securities    Intermediary,    Pledgor   and   Secured   Party   agree   that
Securities   Intermediary   will comply with   instructions   originated   by Secured
Party   directing   disposition   of the funds in the ICA Account   without   further
consent   by   Pledgor.   Upon   receipt of a notice of   Secured   Party's   exclusive
control   of the   ICA   Account,   which   notice   states   that it is a   "Notice   of
Exclusive Control" and attached to which is a copy of this Agreement ("Notice of
Exclusive   Control"),   and following a reasonable   time period not to exceed two
(2) business days to allow Securities Intermediar