LIENS AND SETOFFS
Known as the Texas Credit Union Act
The act spans §§ 121.001 to 149.002 (219 sections).
Applied in 1 court decision — leading case 367 F. Supp. 2d 1056 - United States v. Doviak (2005)
Most recently applied in 367 F. Supp. 2d 1056 - United States v. Doviak (April 2005)
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff
(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.
Official source: Texas Constitution and Statutes. Reproduced from public-domain Texas statutes; confirm against the official source for the current text. Not legal advice.