Common use of Lien and Security Agreement Clause in Contracts

Lien and Security Agreement. BECU Lien. You agree BECU has a lien on all your shares, deposits, and dividends in all joint and individual accounts held by you, now and in the future, to the extent of your obligations to BECU. You agree that BECU’s lien is independent of any security agreement and BECU may enforce its lien in any manner, at any time allowed by applicable law. You agree that you own any shares pledged and that there are no liens against them other than ours. BECU may, at its sole option, allow you to withdraw a portion of your shares or deposits without affecting its security interest. Pledge of Shares, Deposit Accounts and Certificates of Deposit. By completing and signing the Plan application, you signify your specific intent to pledge to us and to grant us a security interest in all your individual and joint BECU shares, deposit accounts, and certificates of deposit in which you have an interest, now or in the future, as security for all credit advances made under the Plan (including the credit card account). However, this pledge will not apply to retirement or other accounts to the extent that applicable law precludes the pledge of such accounts, or to loans secured by real property or a dwelling. You agree that we need not retain or possess any certificate or evidence of account to enforce our security interest. You authorize us, without further notice to you, to apply the balances in these account(s) to pay any amounts due under the Plan if you default.