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



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



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



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