Pledge of Shares, Deposit Accounts and Certificates of Deposit. You pledge all your BECU shares, deposit accounts, and certificates of deposit in which you have an interest, now and in the future, as security for all credit advances made under this Agreement. However, this pledge will not apply to retirement or other accounts to the extent that applicable law precludes the pledge of such accounts, to deposit, savings, or other financial accounts to the extent that the Military Lending Act precludes the pledge of such accounts, or to loans secured by real property or a dwelling. You agree that we need not retain or possess any certificate or evidence of account to enforce our security interest. You understand that if you default on your Plan, BECU may apply all that is pledged to repayment of your loan(s). By completing and signing the Plan application, you signify your specific intent to pledge to us and to grant us a security interest in all your individual and joint BECU share and deposit accounts you have with us, now or in the future (excluding retirement or other accounts to the extent that applicable law precludes the pledge of such accounts, and deposit, savings, or other financial accounts to the extent that the Military Lending Act precludes taking a security interest in such accounts), to secure your BECU loans under the Plan (including the credit card account). You authorize us, without further notice to you, to apply the balances in these account(s) to pay any amounts due under the Plan if you should default.
Appears in 11 contracts
Samples: Credit And, Credit And, Credit And
