(a) For any amounts due from a member to the corporate credit union, the corporate credit union shall have:

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Terms Used In Hawaii Revised Statutes 412:10-807

  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • Guarantor: A party who agrees to be responsible for the payment of another party's debts should that party default. Source: OCC
  • Lien: A claim against real or personal property in satisfaction of a debt.
  • Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
(1) A right of immediate setoff against the balances of the share and deposit accounts of each member; and
(2) A lien on all share and deposit accounts of each member in the total amount of the indebtedness, which shall attach to such accounts and be effective whenever the member is indebted to the corporate credit union, and which shall have priority over the interest of all members and unsecured creditors of the debtor member.
(b) The board of directors or credit committee of the corporate credit union may require and accept additional security for loans to a member in the form of a pledge, assignment, hypothecation, or mortgage of any assets of the member or a guarantor.

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