Title 7, Chapter 1, Section 780
To secure loans, building and loan associations and savings and loan
associations shall have a lien without further agreement or pledge
upon all deposits with it by a borrower; and, upon default upon any
loan, any such association may, without notice to or consent of the
borrower, cancel on its books part or all of the amount outstanding
to the credit of the borrower not exceeding his obligations to the
association and apply such amount in payment of the obligations.