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Education

 

Webinar: Legally Handling the Credit Union's Right of Setoff on Deposit Accounts & Loans

 

Thursday, September 5, 2013

 

Speaker:  Elizabeth Fast, JD, CPA, Spencer Fane Britt & Browne, LLP

 

About the Program

A credit union has the right to setoff its member’s account if certain legal requirements are satisfied. This webinar will explain these requirements and will address the steps a credit union must take before it exercises its right of setoff.

 

If a member defaults on a loan, when can the credit union apply money from the member’s account to pay the loan? Does the member have to be notified before the credit union exercises its right of setoff? What if the member’s account has more than one owner? If the credit union receives a garnishment from another creditor, can the credit union setoff before honoring the garnishment? Learn the answers to these questions and more.

 

HIGHLIGHTS

  • Fundamental nature of the right of setoff
  • Differences between setoff and foreclosure of a security interest
  • Requirements the credit union must satisfy before setoff is permitted
  • Competing claims for the member’s funds – who wins?
  • How the automatic stay in bankruptcy affects the right of setoff


Related Files
Printable Brochure (Adobe PDF File)

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