Legal Question in Banking Law in New Mexico

Is it legal for a credit union put a hold on your account if a loan payment with the same bank is 15 days late?


Asked on 6/11/10, 9:59 am

1 Answer from Attorneys
Charles Aspinwall Charles S. Aspinwall, J.D., LLC

Unfortunately, yes. It's called the "right of set-off" in banking parlance, and means they can seize other assets if they feel their loan is in jeopardy. Apparently they felt that way after 15 days.

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Answered on 6/11/10, 3:37 pm


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