Security Interest: Member hereby gives to Credit Union a security interest in property purchased through the credit plan. Also, member hereby grants Credit Union a pledge of shares on all present and future shares and/or deposits in accounts listed in the application (except shares and deposits in an Individual Retirement Account and any other account that would lose special tax treatment under state or federal law, if given as security, are not subject to the security interest you have given us in your shares and deposits). These security interests shall secure Member's faithful performance of all obligations arising under the agreement, and Credit Union shall have all of the rights of a secured party in accordance with the South Carolina Commercial Code.