Common use of Right of Setoff and Security Interest Clause in Contracts

Right of Setoff and Security Interest. You grant us a security interest in your accounts to secure all amounts which you may owe to the Bank now or in the future. The security interest granted by this Agreement is consensual and is in addition to the Bank’s right of setoff. We may charge any of your accounts for any obligations, liabilities, debts, costs and expenses (including attorneys’ fees), fees or other amounts you owe us. We may exercise our right of setoff at any time and for any reason as allowed by law. If there is more than one owner of an account, this includes the debts and liabilities of any owner. We will not be liable for the dishonor of any check when the dishonor occurs because we set off a debt against this account. We may exercise the right of setoff without prior notice to you and even if it results in a penalty for early withdrawal from a certificate of deposit account.