370.250. Lien on shares, share certificates, deposits, share draft and checking accounts--effect. - Missouri Statutes

Lien on shares, share certificates, deposits, share draft andchecking accounts--effect.

370.250. 1. A credit union shall have a lien on allshares, share certificates, deposits, deposit certificates, sharedraft and checking accounts of any member and on the dividendspayable thereon, whether jointly or individually held, for, andto the extent of any obligation of the member to the creditunion, including, but not limited to, any loan made to themember, any obligation of the member to the credit union as acomaker, cosigner, guarantor or endorser, or any fee, charge,dues or fine, of any kind payable by the member to the creditunion.

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

(1) A right of the credit union separate from and inaddition to any lien, pledge, security interest or right ofset-off the credit union may have created with the member byagreement or otherwise;

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

3. Any share on which a credit union has a lien shall notbe subject to garnishment, or other legal process by a creditor.

(RSMo 1939 § 5532, A.L. 1945 p. 689, A.L. 1994 H.B. 1312)

Prior revision: 1929 § 5090