Arizona Laws 6-439. Accounts subject to liens
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Every account shall be subject to a lien for the payment of such charges as lawfully may accrue thereon under the provisions of this chapter, and the by-laws may prescribe the manner of enforcing such lien, but no member shall be responsible for any losses which the then existing assets of the association shall not be sufficient to satisfy, or for any unpaid installment upon his account which is not yet due under the terms of his subscription.
Terms Used In Arizona Laws 6-439
- Account: means withdrawable capital deposited with or invested in an association in accordance with any plan authorized by this chapter unless such term is otherwise designated or qualified. See Arizona Laws 6-401
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Association: means every association to which this chapter applies as defined in the section concerning scope of chapter. See Arizona Laws 6-401
- Lien: A claim against real or personal property in satisfaction of a debt.
- subscription: includes a mark, if a person cannot write, with the person's name written near it and witnessed by a person who writes the person's own name as witness. See Arizona Laws 1-215