(1) A credit union shall have a lien and right of set off on a member's individual, joint, multiple party, or transaction accounts, including any accumulated dividend or interest, for any sum due the credit union from the member.
(2) All funds in the account at any time are subject to the lien and right of set off.
(3) A security interest in the funds shall be perfected by restricting withdrawals of the funds.
(4) A lien under this section does not apply if:
(a) the application of the lien will cause a loss of a tax incentive for the customer or member; or
(b) is prohibited by law.