Tex. Fin. Code Section 125.404
Liens and Setoffs

(a)

To the extent of a member’s direct or indirect indebtedness to a credit union, the credit union has:

(1)

a lien, enforceable with or without judicial process, on the member’s shares and deposits, accumulated dividends, and interest; and

(2)

a right to set off against the member’s shares, deposits, accumulated dividends, and interest.

(b)

A credit union may allow a withdrawal to be made without affecting the credit union’s right to a setoff or lien.
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.

Source: Section 125.404 — Liens and Setoffs, https://statutes.­capitol.­texas.­gov/Docs/FI/htm/FI.­125.­htm#125.­404 (accessed Jun. 5, 2024).

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Accessed:
Jun. 5, 2024

§ 125.404’s source at texas​.gov