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

Credit Union Lien and Security Interest. If you owe us money as a borrower, guarantor, endorser or otherwise, we have a statutory lien on the account funds in any account in which you have an ownership interest, regardless of the source of the funds, unless prohibited by law. When you fail to repay money you owe us, we may apply these funds, without further notice to you, in any order to pay off your indebtedness. By not enforcing a lien, we do not waive our right to enforce it later. In addition, you grant the Credit Union a consensual security interest in your accounts and we may use the funds from your accounts to pay any debt or amount now or hereafter owed the Credit Union, except for obligations secured by your principal residence, unless prohibited by applicable law. All accounts are nonassignable and nontransferable to third parties.

Credit Union Lien and Security Interest. If you owe us money as a borrower, guarantor, endorser or otherwise, we have a statutory lien on the account funds in any account in which you have an ownership interest, regardless of the source of the funds, unless prohibited by law. When you fail to repay money you owe us, we may apply these funds, without further notice to you, in any order to pay off otf your indebtedness. By not enforcing a lien, we do not waive our right to enforce it later. In addition, you grant the Credit Union a consensual security interest in your accounts and we may use the funds from your accounts to pay any debt or amount now or hereafter owed the Credit Union, except for obligations secured by your principal residence, unless prohibited by applicable law. All accounts are nonassignable and nontransferable to third parties.

Credit Union Lien and Security Interest. If you owe us money as a borrower, guarantor, endorser or otherwise, we have a statutory lien on the account funds in any account in which you have an ownership interest, regardless of the source of the fundstheir source, unless prohibited by law. When you fail to repay money you owe us, satisfy an outstanding financial obligation due and payable to the Credit Union we may apply these funds, without further notice to you, in any order to pay off your indebtedness. By not enforcing a lien, we do not waive our right to enforce it later. In addition, you grant the Credit Union a consensual security interest in your accounts and we may use the funds from your accounts to pay any debt or amount now or hereafter owed the Credit Union, except for obligations secured by your principal residence, unless the account would lose any tax exempt or tax deferred status or as otherwise prohibited by applicable law. All accounts are nonassignable and nontransferable to third parties.