Utah Code 7-9-33. Lien and right of set off of credit union
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(1) A credit union shall have a lien and right of set off on a member’s individual, joint, multiple party, or transaction accounts, including any accumulated dividend or interest, for any sum due the credit union from the member.
Terms Used In Utah Code 7-9-33
- Credit union: means a cooperative, nonprofit association incorporated under:(6)(a) Chapter 9, Utah Credit Union Act; or(6)(b) Utah Code 7-1-103
- Lien: A claim against real or personal property in satisfaction of a debt.
(2) All funds in the account at any time are subject to the lien and right of set off.(3) A security interest in the funds shall be perfected by restricting withdrawals of the funds.(4) A lien under this section does not apply if:(4)(a) the application of the lien will cause a loss of a tax incentive for the customer or member; or(4)(b) is prohibited by law.