Utah § 16-16-604 - Security interest and set-off.
Full text of Utah Utah Code § 16-16-604 — Security interest and set-off., with citation guidance and answers to common questions.
§ 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 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, Title 70A, Chapter 9a, Uniform Commercial Code - Secured Transactions. |
| (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. |
Enacted by Chapter 363, 2008 General Session
Frequently Asked Questions About Utah § 16-16-604
What does Utah Code § 16-16-604 cover?
Section 16-16-604 ("Security interest and set-off.") 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 § 16-16-604?
A common citation format is "Utah Code § 16-16-604" (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 § 16-16-604 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.