16-16-601. Member’s interest. A member’s interest: (1) is personal property; (2) consists of: (a) governance rights; (b) financial rights; and (c) the right or obligation, if any, to do business with the limited cooperative association; and (3) may be in certificated or uncertificated form. Enacted by Chapter 363, 2008 General Session
16-16-602. Patron and investor members’ interests. (1) Unless the organic rules establish investor members’ interests, a member’s interest is a patron member’s interest. (2) Unless the organic rules otherwise provide, if a limited cooperative association has investor members, while a person is a member of the association, the person: (a) if admitted as a patron […]
16-16-603. Transferability of member’s interest. (1) The provisions of this chapter relating to the transferability of a member’s interest are subject to Title 70A, Uniform Commercial Code. (2) Unless the organic rules otherwise provide, a member’s interest other than financial rights is not transferable. (3) Unless a transfer is restricted or prohibited by the organic […]
16-16-604. Security interest and set-off. (1) A member or transferee may create an enforceable security interest in its financial rights in a limited cooperative association. (2) 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. (3) The organic rules […]
16-16-605. Charging orders for judgment creditor of member or transferee. (1) On application by a judgment creditor of a member or transferee, a court may enter a charging order against the financial rights of the judgment debtor for the unsatisfied amount of the judgment. A charging order issued under this Subsection (1) constitutes a lien […]
