54B-131. Right of setoff on withdrawable accounts.
(a) Every association shall have a right of setoff, without further agreement or pledge, upon all withdrawable accounts owned by any member or customer to whom or upon whose behalf the association has made an unsecured advance of money by loan; and upon the default in the repayment or satisfaction thereof the association may cancel on its books all or any part of the withdrawable accounts owned by such member or customer, and apply the value of such accounts in payment on account of such obligation.
(c) This section is not exclusive, but shall be in addition to contract, common law and other rights of setoff. Such other rights shall not be governed in any fashion by this section. (1981, c. 282, s. 3; 1991, c. 707, s. 5.)
Structure North Carolina General Statutes
North Carolina General Statutes
Chapter 54B - Savings and Loan Associations
Article 6 - Withdrawable Accounts.
§ 54B-121 - Creation of withdrawable accounts.
§ 54B-122 - Additional requirements.
§ 54B-123 - Dividends on withdrawable accounts.
§ 54B-124 - Withdrawals from withdrawable accounts.
§ 54B-125 - Emergency limitations.
§ 54B-126 - Forced retirement of withdrawable accounts.
§ 54B-127 - Negotiable orders of withdrawal.
§ 54B-128 - Option on nonnegotiable orders of withdrawal.
§ 54B-130.1 - Payable on Death (POD) accounts.
§ 54B-131 - Right of setoff on withdrawable accounts.
§ 54B-132 - Minors as withdrawable account holders; safe deposit box lessees.
§ 54B-133 - Withdrawable accounts as deposit of securities.
§ 54B-134 - New account books.
§ 54B-135 - Transfer of withdrawable accounts.
§ 54B-136 - Authority of power of attorney.