Washington Code 31.12.416 – Shares and deposits governed by chapter 30.22 RCW — Limitation on shares and deposits — Notice of withdrawal — Lien rights
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(1) Shares held and deposits made in a credit union by a natural person are governed by *chapter 30.22 RCW.
Terms Used In Washington Code 31.12.416
- Credit union: means a credit union organized and operating under this chapter. See Washington Code 31.12.005
- Director: means the director of financial institutions. See Washington Code 31.12.005
- 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.
- Person: means an organization or a natural person including, but not limited to, a sole proprietorship. See Washington Code 31.12.005
(2) A credit union may require ninety days notice of a member’s intention to withdraw shares or deposits. The notice requirement may be extended with the written consent of the director.
(3) A credit union will have a lien on all shares and deposits, including, but not limited to, dividends, interest, and any other earnings and accumulations thereon, of any share account holder or depositor, to the extent of any obligation owed to the credit union by the share account holder or depositor.
[ 1997 c 397 § 32. Prior: 1994 c 256 § 83; 1994 c 92 § 194; 1984 c 31 § 40. Formerly RCW 31.12.385.]
NOTES:
*Reviser’s note: Chapter 30.22 RCW was recodified as chapter 30A.22 RCW pursuant to 2014 c 37 § 4, effective January 5, 2015.
Findings—Construction—1994 c 256: See RCW 43.320.007.