Liens
on Shares and Right of Offset
(During and Apart from Bankruptcy)
A NorthLegal Webinar
(Recorded June 19, 2008)
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It's
one of the most common questions credit union bankruptcy analysts
ask their lawyers: "May we take (or may we "freeze")
a member's shares if the member isn't paying or files bankruptcy?"
And
it's one of those questions for which a simple answer just
won't work. Sometimes you can, and sometimes you can't. It
has to do with, among other things, whether the member is
in default, whether the member is in bankruptcy, whether
the credit union is state or federally chartered, what type
of credit obligation (credit card, auto deficiency, real
estate) is involved, and the source of the funds in the account.
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But the rules
aren't hard to learn for those who will try, and a
credit union that understands the
source and limitations on its right to apply a member's shares
to the member's loan balance has a valuable recovery tool. A
credit union that applies shares without understanding those rules
runs a serious risk of loss.
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Do
you know that your credit agreements should have two
separate "lien
on shares" clauses? Tune in June 19 to find out why! |
During this 90 minute recorded, credit union attorney Eric North discusses the
details you need to know in order to make the most of your rights with
respect to deposit accounts, and answers questions from participants. During
this program, you will learn:
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What
the differences are between a right of offset, a statutory lien,
and a contractual lien on shares, and what your legal authority
for each of those rights is. |
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Why
just claiming a lien interest in shares to cover a real-property
secured loan can cause a credit union big losses. |
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What special rules apply to offsetting shares against
credit cards. |
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What
language the NCUA wants federal credit unions to have in their
credit agreements regarding liens, and why state credit unions
should pay attention. |
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What
language commonly found in most credit union agreements may be
considered deceitful by courts. |
and much more!
Like
other NorthLegal Webinars, this program gives your credit union the
opportunity to train several staff members for
a single low price, right in the convenience of your office!
NOTE: This
program is intended for employees of credit unions. If you are not
a credit union employee, please contact NorthLegal Training and Publications
to obtain approval before registering.
Cost
The registration fee for this program is $125.00 per
telephone/Internet connection if paid by credit card (online or by telephone), $135.00 if
paid by check.
(Checks must be received by NorthLegal prior to the
beginning of the program. Sorry, but we cannot invoice for this event.) For that
single price, you may have as many participants as you wish listen (over a single
telephone line and Internet connection)
in a conference room or office!.
Regions
Affected
This
program is not state-specific, and will be important to credit unions
from around the country.
Co-Hosts
Although credit unions from any state may attend this program, this program
is jointly hosted by NorthLegal Training and Publications and by the following
organizations:
The
Arizona Credit Union System
The California Credit Union League
The Delaware Credit Union League
The Hawaii Credit Union League
The Iowa Credit Union League
The Kentucky Credit Union League
The Louisiana Credit Union League
The Massachussetts Credit Union League
The Mid America Credit Union Association
The Mississippi Credit Union League
The Montana Credit Union League
The New Hampshire Credit Union League
The Nevada Credit Union League
The Northwest Credit Union Collectors Association
The Credit Union Association of Oregon
The Rhode Island Credit Union League
The Tennessee Credit Union League
The Utah League of Credit Unions
The Association of Vermont Credit Unions
The Washington Credit Union League
The West Virginia Credit Union League
(Credit
unions do not have to be members of any of those leagues or associations
in order to attend.)
How
to Attend
a Webinar
To register for a NorthLegal Webinar using a credit card, visit
the link shown earlier on this page. (You
may also register by maling a check to NorthLegal, but there
is a small extra fee. Call
for information if you want to register by mail.)
After
you register, an email will be sent to you with an "Access Code" and
with instructions showing how to use that Access Code to attend the
program. An Access Code may be used only one time, and is only valid
for 48 hours after it is issued. If you miss that deadline, just
contact us and we'll re-issue the Access Code.
To attend this program you will need access to a telephone and an Internet
connection. The audio portion will be heard over a toll-free telephone line
(we find you get the most reliable and clear connection that way), and a slide
and document presentation will be viewed over the Internet. More details about
how to participate will be provided upon registration or (if you would like
details before registering) may be obtained by calling NorthLegal Training
and Publications.
NorthLegal Training and Publications
20280 North 59th Ave., No. 115-334
Glendale, Arizona 85308
Telephone: 623.537.7150
Facsimile: 623.537.7921
Email: northlegal@culaw.com
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NorthLegal Webinars
NorthLegal Bankruptcy Conference for CUs
Speaker: Eric North
 Eric
North, the primary speaker at the programs listed on this site, has represented
the interests of credit unions as an attorney with respect to litigation,
compliance, governance, bankruptcy and collections matters since 1984.
Eric has appeared in state and federal
courts throughout the State of California, and has argued before the Ninth
Circuit Court of Appeal.
Eric is also a nationally recognized speaker on legal subjects affecting
credit unions, and has presented hundreds of programs for
for national, state and local credit union leagues and associations from
around the country.
Upcoming Conferences!
NorthLegal Bankruptcy
Conferences
-- Everything Bankruptcy
January 12 to 15 or 16, 2009
The Royal Plaza
at Walt Disney Resort
Lake Buena Vista, Florida
>> Information
and Registration
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