Common use of Credit Union Lien and Security Interest Clause in Contracts

Credit Union Lien and Security Interest. To the extent you owe the Credit Union money, the Credit Union has a lien on any or all of the funds in any account in which you are an owner at the Credit Union, regardless of the source of the funds, unless we waive it in writing. The Credit Union may apply these funds in any order to pay off your indebtedness. If the Credit Union chooses not to immediately enforce its lien, we do not waive our right to enforce the lien at a later time. In addition, you grant the Credit Union a consensual security interest in your accounts and agree we may use the funds from your accounts to pay any debt or amount owed the Credit Union, except obligations secured by your dwelling, unless prohibited by applicable law. You may not assign or transfer any account to a third party.