Common use of Set-off and Security Interest Clause in Contracts

Set-off and Security Interest. The Bank may, at any time with notice sent to you on the same business day, including the reason, assert a lien on all of your accounts and apply and set-off all or any part of the funds in your account(s) against any indebtedness, matured or unmatured, which may then be owed to the Bank by you whether as a borrower or guarantor. Debts include any overdrafts or fees you owe to us. In the case of joint accounts, this right applies to indebtedness due to the Bank by either or any of the owners of the account. However, the Bank will not set-off against an Individual Retirement Account (“IRA”) or Social Security or supplemental security income payments. If any federal benefits or other payments are deposited to your account after you become ineligible to receive them, we may set-off against any of your accounts to recover the payments if we are obligated to return funds to the payor.

Set-off and Security Interest. ‌ The Bank may, at any time with notice sent to you on the same business day, including the reason, assert a lien on all of your accounts and apply and set-off all or any part of the funds in your account(s) against any indebtedness, matured or unmatured, which may then be owed to the Bank by you whether as a borrower or guarantor. Debts include any overdrafts or fees you owe to us. In the case of joint accounts, this right applies to indebtedness due to the Bank by either or any of the owners of the account. However, the Bank will not set-off against an Individual Retirement Account (“IRA”) or Social Security or supplemental security income payments). If any federal benefits or other payments are deposited to your account after you become ineligible to receive them, we may set-off against any of your accounts to recover the payments if we are obligated to return funds to the payor.

Set-off and Security Interest. The Bank may, at any time with notice sent to you on the same business day, including the includingthe reason, assert a lien on all of your accounts and apply and setandapply andset-off all or any part of the funds in your account(s) against any indebtedness, matured or unmatured, which may then be owed to the Bank by you whether as a borrower or guarantor. Debts include any overdrafts anyoverdrafts or fees you owe to us. In I n the case of joint accounts, this right applies to indebtedness due to the Bank by either or any of the owners of the account. However, the Bank will not set-off against an Individual Retirement Account (“IRA”) or Social Security or supplemental security income securityincome payments. If any federal benefits or other payments are deposited to your account after you become ineligible to receive them, we may set-off against any of your accounts to recover the payments if we are obligated to return funds to the payor.