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§ 441-604. Security interest and set-off

Oklahoma Statutes AnnotatedTitle 18. Corporations

Oklahoma Statutes Annotated
Title 18. Corporations (Refs & Annos)
Chapter 10A. Uniform Limited Cooperative Association Act (Refs & Annos)
Article 6. Member's Interest in Limited Cooperative Association
18 Okl.St.Ann. § 441-604
§ 441-604. Security interest and set-off
Currentness
SECURITY INTEREST AND SET-OFF.
(a) A member or transferee may create an enforceable security interest in its financial rights in a limited cooperative association.
(b) Unless the organic rules otherwise provide, a member may not create an enforceable security interest in the member's governance rights in a limited cooperative association.
(c) The organic rules may provide that a limited cooperative association has a security interest in the financial rights of a member to secure payment of any indebtedness or other obligation of the member to the association. A security interest provided for in the organic rules is enforceable under, and governed by, Article 9 of the Uniform Commercial Code.1
(d) Unless the organic rules otherwise provide, a member may not compel the limited cooperative association to offset financial rights against any indebtedness or obligation owed to the association.

Credits

Laws 2009, c. 68, § 60, eff. Jan. 1, 2010.

Footnotes

1
Title 12A, § 1-9-301 et seq.
18 Okl. St. Ann. § 441-604, OK ST T. 18 § 441-604
Current with emergency effective legislation through Chapter 182 of the Second Regular Session of the 59th Legislature (2024). Some sections may be more current, see credits for details.
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