Set-off and Security Interest. The Bank may, at any time with notice sent to you on the same business day, including the reason, assert a lien on all of your accounts and apply and set-off all or any part of the funds in your account(s) against any indebtedness, matured or unmatured, which may then be owed to the Bank by you whether as a borrower or guarantor. Debts include any overdrafts or fees you owe to us. In the case of joint accounts, this right applies to indebtedness due to the Bank by either or any of the owners of the account. However, the Bank will not set-off against an Individual Retirement Account (“IRA”) or Social Security or supplemental security income payments. If any federal benefits or other payments are deposited to your account after you become ineligible to receive them, we may set-off against any of your accounts to recover the payments if we are obligated to return funds to the payor.
Set-off and Security Interest. If you ever owe us money as a borrower, guarantor, judgment debtor or otherwise, including any obligation owed to a financial institution acquired by us, and it becomes due, we have the right under the law (called "set-off") and under this Agreement (by which you grant us a security interest in your time deposits and other deposit accounts) to use the money from your account to pay the debt. We may use the money to pay the debt even if the withdrawal results in an interest penalty or the dishonor of checks. In the case of a partnership or joint account, each partner or joint owner agrees that we may use the money in their individual accounts to satisfy any one of their individual obligations. We may use the money if:
Set-off and Security Interest. You acknowledge that, except as otherwise prohibited by law, we have the right to charge or set off against your account any indebtedness or other obligations which you or any owner owe us, at any time, without any further notice to or demand on you, whether the indebtedness or other obligations exist at the time the account is opened or arise later. The indebtedness includes, without limitation, all charges and overdrafts incurred on any account you or any owner hold with us. You agree that we may set off against the account any claim which we have against you or any owner without regard to the source or ownership of the funds on deposit in the account and without requirement that the claim be owed to us by all of the account owners. You also agree that, to the extent allowed by law, we may set off any indebtedness or other obligations which you owe us under this Agreement against any other account or property in which you have an ownership interest that is in our possession or control. In addition to our right of set off, you grant to us, to the extent permitted by law, a continuing security interest in your account to secure all present and future indebtedness and other obligations and liabilities which you or any owner may owe to us at any time. The set off rights and grant of a security interest herein are cumulative and nothing in this Agreement shall limit or prejudice any right of set off, security interest or other right or interest in our favor arising hereunder or under any other agreement, or by common law or otherwise.
Set-off and Security Interest. If you ever owe us or any of our affiliates money and that money is due, we can on our own behalf and on behalf of our affiliates, to the extent allowed by law and without notice to you, use the money from any or all of your accounts (except IRA, Irrevocable Trust or Custodian Accounts) or any account in which you are a co-owner to pay the debt (set-off). We can do this no matter what kind of debt it is or how the debt arose. In addition to our right of set-off you grant us a consensual security interest in your accounts. Your opening of an account with us will be considered to be your consent to set-off against your accounts if any present or future law or regulation requires such consent. We will not be liable for any checks which are not paid (or fees imposed by the payees due to nonpayment of such checks) because we set-off or otherwise use funds from your account to pay a debt or obligation you owe us. We may use your accounts to pay the debt or obligation even if it results in an early withdrawal penalty, return of subsequent checks and/or assessment of a fee in accordance with the Retail Banking Fee Schedule. If the account is a joint or multiple party account each joint or multiple party account owner agrees that we may exercise our right of set-off against any individual accounts of each account owner for a debt of the joint or multiple party account. Each joint or multiple party account owner also agrees that we may set-off against the joint or multiple party account for an individual debt of each account owner. You agree to hold us harmless from any claim arising as a result of our set-off. Notwithstanding any provision of this Agreement to the contrary, no debt to us established through an arbitration proceeding may be offset against funds in the account unless the arbitration award has been confirmed by a court order and the court order is no longer subject to appeal. For joint accounts opened by New Jersey residents at a Branch in New Jersey, the amount of your joint account subject to set-off is the net contribution of the co-owner who is indebted to us. In the absence of proof of net contributions, the set-off is such co-owner’s equal share in the account.
