Utah § 16-16-603 - Transferability of member's interest.
Full text of Utah Utah Code § 16-16-603 — Transferability of member's interest., with citation guidance and answers to common questions.
§ 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 rules, a member may transfer the member's financial rights in the limited cooperative association. |
| (5) | A transferee of a member's financial rights, to the extent the rights are transferred, has the right to share in the allocation of profits or losses and to receive the distributions to the member transferring the interest to the same extent as the transferring member. |
| (6) | A transferee of a member's financial rights does not become a member upon transfer of the rights unless the transferee is admitted as a member by the limited cooperative association. |
| (7) | A limited cooperative association need not give effect to a transfer under this section until the association has notice of the transfer. |
| (8) | A transfer of a member's financial rights in violation of a restriction on transfer contained in the organic rules is ineffective as to a person having notice of the restriction at the time of transfer. |
Amended by Chapter 378, 2010 General Session
Source: official Utah text · Last verified 2026-08-27
Frequently Asked Questions About Utah § 16-16-603
What does Utah Code § 16-16-603 cover?
Section 16-16-603 ("Transferability of member's interest.") is part of the Utah Code, the codified statutory law of Utah. 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 Utah § 16-16-603?
A common citation format is "Utah Code § 16-16-603" (Utah). 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 Utah law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Utah official source linked on this page or consult a licensed Utah attorney.
How does Utah § 16-16-603 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Utah 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 Utah.