District of Columbia § 29-1006.04 Security interest and set-off.

District of Columbia Statutes

§ 29-1006.04 — Security interest and set-off.

District of Columbia § 29-1006.04

Title 29Business Organizations. [Enacted title]

Ch. 10Limited Cooperative Associations.

Subch. VIMember’s Interest in Limited Cooperative Association.

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Bluebook

D.C. Code § 29-1006.04 (2026).

Text

(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 shall not create an enforceable security interest in the member’s governance interests 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 shall be enforceable under, and governed by, Article 9 of Subtitle I of Title 28 .

(d)Unless the organic rules otherwise provide, a member shall not compel the limited cooperative association to offset

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(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 shall not create an enforceable security interest in the member’s governance interests 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 shall be enforceable under, and governed by, Article 9 of Subtitle I of Title 28 .

(d) Unless the organic rules otherwise provide, a member shall not compel the limited cooperative association to offset financial rights against any indebtedness or obligation owed to the association.