Colorado § 7-58-604 Security interest and set-off

Colorado Statutes

§ 7-58-604 — Security interest and set-off

Colorado·Title 07 Corporations·Art. Uniform Limited Cooperative Association Act

(1)A member or transferee may create an enforceable security interest in its financial rights in a limited cooperative association.

(2)Unless the articles or bylaws otherwise provide, a member may not create an enforceable security interest in the member's governance rights in, or in the right or obligation, if any, to do business with, a limited cooperative association.

(3)The articles or bylaws 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 articles or bylaws is enforceable under, and governed by, article 9 of title 4, C.R.S.

(4)Unless the articles or bylaws otherwise provide, a m

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(1) A member or transferee may
create an enforceable security interest in its financial rights in a limited cooperative
association.

(2) Unless the articles or bylaws otherwise provide, a member may not create
an enforceable security interest in the member's governance rights in, or in the
right or obligation, if any, to do business with, a limited cooperative association.

(3) The articles or bylaws 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 articles or bylaws is enforceable under, and governed
by, article 9 of title 4, C.R.S.

(4) Unless the articles or bylaws otherwise provide, a member may not
compel the limited cooperative association to offset financial rights against any
indebtedness or obligation owed to the association.

Colorado § 7-58-604 (Security interest and set-off) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.