(205 ILCS 305/43)
(from Ch. 17, par. 4444)
Without being required to take any action to perfect
the same, a credit union shall have a lien on the shares, accumulated dividends
or interest of a member in his individual, joint or trust account, for any
sum due the credit union from said member or for any loan cosigned or guaranteed
by him; provided, however, that a credit union shall not have a lien upon
the funds in an Individual Retirement Account or an account established
pursuant to Section 401(d) or (f) or Section 408(a) of the Internal Revenue
Code or similar provisions of any future internal revenue law of the United
States. A credit union may refuse to allow the withdrawal of a member's
shares while the member has any outstanding obligation to the credit union.
A member's shares may be offset against any sum due to the credit union.
The enforcing of such lien shall be governed by this Act and by the terms
of any written agreement between a credit union and its members and not
by the provisions of any other statute.
(Source: P.A. 81-329.)