State Codes and Statutes

Statutes > Utah > Title-16 > Chapter-16 > 16-16-604

16-16-604. Security interest and set-off.
(1) A member or transferee may create an enforceable security interest in its financialrights in a limited cooperative association.
(2) Unless the organic rules otherwise provide, a member may not create an enforceablesecurity interest in the member's governance rights in a limited cooperative association.
(3) The organic rules may provide that a limited cooperative association has a securityinterest in the financial rights of a member to secure payment of any indebtedness or otherobligation of the member to the association. A security interest provided for in the organic rulesis enforceable under, and governed by, Title 70A, Chapter 9a, Uniform Commercial Code -Secured Transactions.
(4) Unless the organic rules otherwise provide, a member may not compel the limitedcooperative association to offset financial rights against any indebtedness or obligation owed tothe association.

Enacted by Chapter 363, 2008 General Session

State Codes and Statutes

Statutes > Utah > Title-16 > Chapter-16 > 16-16-604

16-16-604. Security interest and set-off.
(1) A member or transferee may create an enforceable security interest in its financialrights in a limited cooperative association.
(2) Unless the organic rules otherwise provide, a member may not create an enforceablesecurity interest in the member's governance rights in a limited cooperative association.
(3) The organic rules may provide that a limited cooperative association has a securityinterest in the financial rights of a member to secure payment of any indebtedness or otherobligation of the member to the association. A security interest provided for in the organic rulesis enforceable under, and governed by, Title 70A, Chapter 9a, Uniform Commercial Code -Secured Transactions.
(4) Unless the organic rules otherwise provide, a member may not compel the limitedcooperative association to offset financial rights against any indebtedness or obligation owed tothe association.

Enacted by Chapter 363, 2008 General Session


State Codes and Statutes

State Codes and Statutes

Statutes > Utah > Title-16 > Chapter-16 > 16-16-604

16-16-604. Security interest and set-off.
(1) A member or transferee may create an enforceable security interest in its financialrights in a limited cooperative association.
(2) Unless the organic rules otherwise provide, a member may not create an enforceablesecurity interest in the member's governance rights in a limited cooperative association.
(3) The organic rules may provide that a limited cooperative association has a securityinterest in the financial rights of a member to secure payment of any indebtedness or otherobligation of the member to the association. A security interest provided for in the organic rulesis enforceable under, and governed by, Title 70A, Chapter 9a, Uniform Commercial Code -Secured Transactions.
(4) Unless the organic rules otherwise provide, a member may not compel the limitedcooperative association to offset financial rights against any indebtedness or obligation owed tothe association.

Enacted by Chapter 363, 2008 General Session