Guam § 17604 - Security Interest and Set-Off.
Full text of Guam Guam Code Annotated § 17604 — Security Interest and Set-Off., with citation guidance and answers to common questions.
§ 17604. 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,
13 GCA Division 9 of the Uniform Commercial Code of Guam.
(d) 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.
Frequently Asked Questions About Guam § 17604
What does Guam Code Annotated § 17604 cover?
Section 17604 ("Security Interest and Set-Off.") is part of the Guam Code Annotated, the codified statutory law of Guam. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Guam § 17604?
A common citation format is "Guam Code Annotated § 17604" (Guam). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Guam law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Guam official source linked on this page or consult a licensed Guam attorney.
How does Guam § 17604 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Guam can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Guam.