Code of Alabama
Ala. Code § 5-17-14 (2026)
Capital; Lien on Shares and Deposits of Members; Entrance Fee.
✓ official Alabama Legislature (ALISON) text, current July 2026
The capital of a credit union shall consist of the payments that have been made to it by the several members thereof on shares. The credit union shall have a lien on the shares and deposits of a member for any sum due to the credit union from said member or for any loan endorsed by him. A credit union may charge an entrance fee as may be fixed by the bylaws; provided, that such entrance fee shall not exceed $1.00.
(Acts 1927, No. 597, p. 696; Code 1940, T. 28, §293; Acts 1971, No. 2300, p. 3711.)
Notes of Decisions
Cited in 3
cases, 1986–1992 · leading case: Patterson v. B.F. Goodrich Employees Fed. Credit Union (In Re Patterson), 125 B.R. 40 (Bankr. N.D. Ala. 1990).
Patterson v. B.F. Goodrich Employees Fed. Credit Union (In Re Patterson), 125 B.R. 40 (Bankr. N.D. Ala. 1990). “Code § 5-17-14. Section 1757(11) generally gives credit unions power to: “impress and enforce a lien upon the shares and dividends of any member, to the extent of any loan made to him and any dues or charges payable to him;” Ala.”
Frederick v. Am.'s First Credit Union (In Re Frederick), 58 B.R. 56 (Bankr. N.D. Ala. 1986). “2 Are the Debtors funds exempt? Code of Alabama, 1975, § 5-17-14 gives a credit union a lien on all shares and deposits of a member for all sums due to the credit union.”
B.F. Goodrich Employees Fed. Credit Union v. Patterson (In re Patterson), 141 B.R. 505 (11th Cir. 1992). “” Alabama Code § 5-17-14 (1975). The Credit Union has argued, and we have discussed, the Bankruptcy Code’s preservation in Section 553 of the Credit Union’s state-law right to set off the Pattersons’ debt.”
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