§ 370.250 — Lien on shares, share certificates, deposits, share draft and checking accounts — effect.

Missouri § 370.250

• Jurisdiction: Missouri
• Title XXIV: BUSINESS AND FINANCIAL INSTITUTIONS
• Ch. 370: Credit Unions

Text

1.  A credit union shall have a lien on all shares, share certificates, deposits, deposit certificates, share draft and checking accounts of any member and on the dividends payable thereon, whether jointly or individually held, for, and to the extent of any obligation of the member to the credit union, including, but not limited to, any loan made to the member, any obligation of the member to the credit union as a comaker, cosigner, guarantor or endorser, or any fee, charge, dues or fine, of any kind payable by the member to the credit union.

2.  Any lien created pursuant to subsection 1 of this section shall be:

(1)  A right of the credit union separate from and in addition to any lien, pledge, security interest or right of set-off the credit union may have created with the member by agreement or otherwise;

(2)  Deemed a perfected lien for all shares on deposit at the credit union and the credit union may allow the member to withdraw shares without waiving its lien on any remaining shares.

3.  Any share on which a credit union has a lien shall not be subject to garnishment, or other legal process by a creditor.

Legislative History

(RSMo 1939 § 5532, A.L. 1945 p. 689, A.L. 1994 H.B. 1312) Prior revision: 1929 § 5090