Okla. Stat. tit. 18, § 18-441-604
This is the official text of Okla. Stat. tit. 18, § 18-441-604, part of Oklahoma’s Stat. tit. 18, — part of the compiled statutory law of Oklahoma, published by the state as "Stat. tit. 18,." Browse the sections below, each linked to its official government source.
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Security interest and set-off
Official statutory text
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
Oklahoma Statutes - Title 18. Corporations Page 194
rights against any indebtedness or obligation owed to the
association.
(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
Oklahoma Statutes - Title 18. Corporations Page 194
rights against any indebtedness or obligation owed to the
association.
Status: in_force · Read it on the official government site
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