§412:10-807  Collection on loans tomembers.  (a)  For any amounts due from a member to the corporate creditunion, the corporate credit union shall have:

(1)  A right of immediate setoff against the balancesof the share and deposit accounts of each member; and

(2)  A lien on all share and deposit accounts of eachmember in the total amount of the indebtedness, which shall attach to suchaccounts and be effective whenever the member is indebted to the corporatecredit union, and which shall have priority over the interest of all membersand unsecured creditors of the debtor member.

(b)  The board of directors or credit committeeof the corporate credit union may require and accept additional security forloans to a member in the form of a pledge, assignment, hypothecation, ormortgage of any assets of the member or a guarantor. [L 1993, c 350, pt of §1]