125.107 – SETOFF OF ACCOUNT. Without qualifying another
Texas Finance Code § 125.107
Summary
This law allows credit unions to offset debts against funds in a multiple-party account if one account holder owes money to the credit union. It applies specifically to situations where there is a contractual agreement in place. This provision ensures that credit unions can recover debts efficiently from shared accounts.
Credit unions can set off debts against multiple-party accounts.
Applies only if a party owes money to the credit union.
Requires a contractual provision accepted by the credit union.
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In simple terms: Learn about Texas's SETOFF OF ACCOUNT. Without qualifying another law, including definitions, penalties, and legal implications.. This means people must follow this rule, and breaking it can lead to criminal penalties.
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