125.404 – LIENS AND SETOFFS. (a) To the extent of a
Texas Finance Code § 125.404
Summary
This law allows credit unions to place liens on members' shares and deposits to secure debts owed by the member. It also grants credit unions the right to set off amounts owed against the member's accounts, ensuring they can recover debts without needing judicial intervention.
Credit unions can enforce liens on members' accounts for debts owed.
Members' shares and deposits are subject to setoff rights.
Withdrawals do not affect the credit union's lien or setoff rights.
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In simple terms: Learn about Texas's LIENS AND SETOFFS. (a) To the extent of a 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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