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#2234333 - 04/07/20 01:16 PM Notice of Lien Property Question
Carly Girl Offline
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TEXAS
Received a notice of lien today. Customer has a certificate of deposit being used as collateral on a loan with us. Does the CD get held as property owned in relation to the lien?
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#2234338 - 04/07/20 02:13 PM Re: Notice of Lien Property Question Carly Girl
rlcarey Offline
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rlcarey
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Galveston, TX
What sort of lien? If you have a properly perfected security interest in the CD, then typically your lien on the CD would take priority over a subsequent lien for the amount of your security interest, which may or may not be the entire CD.
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#2234341 - 04/07/20 02:20 PM Re: Notice of Lien Property Question Carly Girl
Carly Girl Offline
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Randy, it's a notice of lien from the OAG for past due child support.
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#2234347 - 04/07/20 02:55 PM Re: Notice of Lien Property Question Carly Girl
rlcarey Offline
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rlcarey
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Galveston, TX
This is going to be covered under:

FAMILY CODE
TITLE 5. THE PARENT-CHILD RELATIONSHIP AND THE SUIT AFFECTING THE PARENT-CHILD RELATIONSHIP
SUBTITLE B. SUITS AFFECTING THE PARENT-CHILD RELATIONSHIP
CHAPTER 157. ENFORCEMENT
SUBCHAPTER A. PLEADINGS AND DEFENSES

It is not clear in the statute what specifically a financial institution has to do in this case and I am not an attorney. I think you need to visit with legal counsel before you can decide as to how you need to respond.
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#2234368 - 04/07/20 06:15 PM Re: Notice of Lien Property Question Carly Girl
Carly Girl Offline
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TEXAS
Thanks Randy
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