272A.6-040 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 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 KRS Chapter 355. (4) 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. Effective: July 12, 2012 History: Created 2012 Ky. Acts ch. 160, sec. 48, effective July 12, 2012.
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