Lien and liquidation Clause Samples

Lien and liquidation. Any and all liquidities, financial instruments and other forms of property held in any of your WH accounts, including accounts in which you have an interest, shall be subject to a general lien for discharge of all your indebtedness and other obligations to WH, however arising and without regard to whether or not you have made prior pledges with respect to these assets. The clearance of the pledged assets shall be governed by applicable laws. WH reserves the right to determine at WH’s sole discretion, which financial instruments and other property are to be sold and/or purchased in enforcement of WH’s lien. Circumstances that may require the liquidation of an account include but are not limited to the failure of a client to pay commissions due, the failure to deliver securities in good form, the filing of a petition of bankruptcy by or against a client or, a client's death. The client is liable for all costs, commissions and losses arising from any action WH takes to liquidate positions and to cancel open orders.