(1)  A credit union shall have a lien and right of set off on a member’s individual, joint, multiple party, or transaction accounts, including any accumulated dividend or interest, for any sum due the credit union from the member.

Terms Used In Utah Code 7-9-33

  • Credit union: means a cooperative, nonprofit association incorporated under:
(a) Chapter 9, Utah Credit Union Act; or
(b) 12 U. See Utah Code 7-1-103
  • Lien: A claim against real or personal property in satisfaction of a debt.
    • (2)  All funds in the account at any time are subject to the lien and right of set off.

    (3)  A security interest in the funds shall be perfected by restricting withdrawals of the funds.

    (4)  A lien under this section does not apply if:

    (a)  the application of the lien will cause a loss of a tax incentive for the customer or member; or

    (b)  is prohibited by law.

    Amended by Chapter 182, 1996 General Session

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