Texas Finance Code 95.009 – Lien On Deposit Account
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(a) Without further agreement or pledge, a savings bank or a federal savings bank doing business in this state has a lien on all deposit accounts owned by an account holder to whom or on whose behalf the savings bank has advanced money by loan or otherwise.
(b) On default in the payment or satisfaction of the account holder’s obligation, the savings bank, without notice to or consent of the account holder, may cancel on its books all or part of the account holder’s deposit account and apply that amount to payment of the obligation.
Terms Used In Texas Finance Code 95.009
- Lien: A claim against real or personal property in satisfaction of a debt.
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- Property: means real and personal property. See Texas Government Code 311.005
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
- Written: includes any representation of words, letters, symbols, or figures. See Texas Government Code 311.005
(c) The savings bank by written instrument may waive its lien in whole or in part on a deposit account.
(d) A savings bank may take the pledge of a deposit account of the savings bank that is owned by an account holder other than the borrower as additional security for a loan secured by:
(1) a deposit account;
(2) real property; or
(3) both a deposit account and real property.