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United States — Utah Act or statute

United States — Utah legislation

Utah Code § 7-9-33

A credit union may claim a lien and setoff against a member’s qualifying accounts for amounts the member owes it, and may perfect a security interest by restricting withdrawals.

Source excerpt

account restrictionslienmember accountssecurity interestsetoff
Jurisdiction
United States — Utah
Status
In force
Dates
Legal dates not recorded
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01

Purpose and legislative effect

“A credit union may claim a lien and setoff against a member’s qualifying accounts for amounts the member owes it, and may perfect a security interest by restricting withdrawals.”

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02

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03

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Lien and right of set off of credit union.

A credit union may claim a lien and setoff against a member’s qualifying accounts for amounts the member owes it, and may perfect a security interest by restricting withdrawals.

Section 7-9-33

Subsection 7-9-33(2)

All funds in the account at any time are subject to a lien and right of set off.

Section 7-9-33(2)

Subsection 7-9-33(3)

A security interest in the funds shall be perfected by restricting withdrawals of the funds.

Section 7-9-33(3)

Subsection 7-9-33(4)(a)

the application of the lien will cause a loss of a tax incentive for the customer or member; or

Section 7-9-33(4)(a)

04

Source and current-law status

In force source record

Source record from le.utah.gov · Legal dates not recorded

In force

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Source-indexed provision map

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Showing 7 of 7 provisions

Provision 7
§ 7-9-33Lien and right of set off of credit union.Provision

Source excerpt

A credit union may claim a lien and setoff against a member’s qualifying accounts for amounts the member owes it, and may perfect a security interest by restricting withdrawals.

Lien and right of set off of credit union. 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. All funds in the account at any time are subject to the lien and right of set off. A security interest in the funds shall be perfected by restricting withdrawals of the funds. A lien under this section does not apply if: the application of the lien will cause a loss of a tax incentive for the customer or member; or is prohibited by law.
Section 7-9-33Verify source
§ 7-9-33(1)Subsection 7-9-33(1)Provision

Source excerpt

A credit union has a lien and right of setoff against a member’s accounts for sums the member owes it.

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.
Section 7-9-33(1)Verify source
§ 7-9-33(2)Subsection 7-9-33(2)Provision

Source excerpt

All funds in the account at any time are subject to a lien and right of set off.

All funds in the account at any time are subject to the lien and right of set off.
Section 7-9-33(2)Verify source
§ 7-9-33(3)Subsection 7-9-33(3)Provision

Source excerpt

A security interest in the funds shall be perfected by restricting withdrawals of the funds.

A security interest in the funds shall be perfected by restricting withdrawals of the funds.
Section 7-9-33(3)Verify source
§ 7-9-33(4)Subsection 7-9-33(4)Provision

Source excerpt

A lien under this section does not apply if it would cause a loss of a tax incentive for the customer or member, or if it is prohibited by law.

A lien under this section does not apply if: the application of the lien will cause a loss of a tax incentive for the customer or member; or is prohibited by law.
Section 7-9-33(4)Verify source
§ 7-9-33(4)(a)Subsection 7-9-33(4)(a)Provision

Source excerpt

the application of the lien will cause a loss of a tax incentive for the customer or member; or

the application of the lien will cause a loss of a tax incentive for the customer or member; or
Section 7-9-33(4)(a)Verify source
§ 7-9-33(4)(b)Subsection 7-9-33(4)(b)Provision

Source excerpt

is prohibited by law.

is prohibited by law.
Section 7-9-33(4)(b)Verify source

Legislative relationships

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