Statutory Lien (Right of Offset). Federal law grants us the right to impress a lien on all funds in any Account that you have with us if you are in default or otherwise fail to satisfy a financial obligation with us. We may exercise this right without prior notice to you. This lien applies to all Accounts that you have with us, to the extent permitted by law, including Accounts that you hold jointly with another person. For example, our statutory lien allows us to apply funds in any or all of your Accounts to pay your delinquent loan with us. You agree we also retain the common law right of offset. Please see the Contractual Liens & Pledge of Shares; Cross-Collateralization paragraph for additional information on those separate rights that you have granted to us.
Appears in 12 contracts
Sources: Membership Agreement, Membership Agreement, Membership Agreement