(a) Without further agreement or pledge, an association or a federal association doing business in this state has a lien on all savings accounts owned by a member to whom or on whose behalf the association has advanced money by loan or otherwise.
(b) On default in the payment or satisfaction of the member’s obligation, the association, without notice to or consent of the member, may cancel on its books all or part of the member’s savings account and apply that amount to payment of the obligation.

Terms Used In Texas Finance Code 65.011

  • 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 association by written instrument may waive its lien in whole or in part on a savings account.
(d) The association may take the pledge of a savings account of the association that is owned by a member other than the borrower as additional security for a:
(1) loan secured by an account;
(2) loan secured by an account and real property; or
(3) real property loan.

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