Common use of Statutory Lien Clause in Contracts

Statutory Lien. If you are in default on a financial obligation to us, federal law gives us the right to apply the balance of shares and dividends in your account(s) (except IRA) at the time of default to satisfy that obligation. Once you are in default, we may exercise this right without further notice to you.

Statutory Lien. If you are in default on a financial obligation to us, federal law gives us the right to apply the balance of shares and dividends in your account(s) (except IRAXXX Accounts) at the time of default to satisfy that obligation. Once you are in default, we may exercise this right without any further notice to you.