Common use of Statutory Lien Clause in Contracts

Statutory Lien. If you owe HVCU money or cause us a loss as a borrower, account signer, endorser or otherwise or you are in default on any financial obligation to HVCU, federal law permits us to enforce a statutory lien on all accounts in which you have an ownership interest (except accounts where our right to deduct is prohibited by law) by transferring funds from these accounts to satisfy your obligations. HVCU may restrict your access to these accounts.

Statutory Lien. If you owe HVCU HVFCU money or cause us a loss as a borrower, account signer, endorser or otherwise or you are in default on any financial obligation to HVCUHVFCU, federal law permits us to enforce a statutory lien on all accounts in which you have an ownership interest (except accounts where our right to deduct is prohibited by law) by transferring funds from these accounts to satisfy your obligations. HVCU HVFCU may restrict your access to these accounts.