Nebraska § 21-2948 - Security interest.
Full text of Nebraska Revised Statutes of Nebraska § 21-2948 — Security interest., with citation guidance and answers to common questions.
§ 21-2948. Security interest.
(1) An investor member or transferee may grant a security interest in financial rights in a limited cooperative association, but not in the governance rights in such association.
(2) A patron member shall not grant a security interest in financial rights or governance rights in a limited cooperative association.
(3) The granting of a security interest in financial rights is not considered a transfer for purposes of section 21-2947. Upon foreclosure of a security interest in financial rights a person obtaining the financial rights shall only obtain financial rights subject to the security interest and shall not obtain any governance rights or other rights with respect to the limited cooperative association.
(4) The limitation of this section to financial rights shall not apply in the case of a member interest that is not subject to a restriction or prohibition on transfer under the articles of organization or bylaws.
Frequently Asked Questions About Nebraska § 21-2948
What does Revised Statutes of Nebraska § 21-2948 cover?
Section 21-2948 ("Security interest.") is part of the Revised Statutes of Nebraska, the codified statutory law of Nebraska. 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 Nebraska § 21-2948?
A common citation format is "Revised Statutes of Nebraska § 21-2948" (Nebraska). 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 Nebraska law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Nebraska official source linked on this page or consult a licensed Nebraska attorney.
How does Nebraska § 21-2948 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Nebraska 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 Nebraska.