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Common use of Lien and Security Interest Clause in Contracts

Lien and Security Interest. If you owe the Credit Union money, the Credit Union has a lien on any or all funds in any account in which you have an ownership interest regardless of the source of the funds, unless prohibited by law. You also grant the Credit Union a consented security interest in your accounts and agree the Credit Union may use the funds from your account in which you have an ownership interest to pay any debt or amount now or hereafter owed to the Credit Union, except for obligations secured by your residence, or prohibited by applicable law. If the Credit Union chooses not to enforce its lien, the Credit Union does not waive its right to enforce the lien at a later time.

Appears in 9 contracts

Samples: Account Agreement, Account Agreement, Account Agreement

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