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 Oklahoma Statutes (Last Updated: September 18, 2014)
 Title 18. CORPORATIONS

  § 18-441-604. Security interest and set-off.  

Latest version.

  • 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.

    (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.

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