Lien and Security Interest. To the extent you owe the credit union money as a borrower, guarantor, endorser, or otherwise, the credit union has a lien on any or all of the funds in any account in which you have an ownership interest, regardless of who contributed the funds, unless prohibited by law. The credit union may apply these funds in any order to pay off your indebtedness. 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. You grant the credit union a security interest in your accounts and agree the credit union 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 residence, unless prohibited by law. LEGAL PROCESS: If any legal action, such as a levy, garnishment or attachment, is brought against your account, the credit union may refuse to pay out any money from your account until the dispute is resolved or may pay out funds according to the terms of the levy. If the credit union incurs any expenses or attorney fees, such expenses may be charged against your account without prior notice, unless prohibited by law. Any legal process against your account is subject to the credit union's lien and security interest.
Appears in 4 contracts
Samples: Membership and Account Agreement, Membership and Account Agreement, Membership and Account Agreement
