Vermont § 604 - Security interest and set-off
Full text of Vermont Vermont Statutes Online § 604 — Security interest and set-off, with citation guidance and answers to common questions.
§ 604. Security interest and set-off
- (a) A member or transferee may create an enforceable security interest in its financial
rights in a mutual benefit enterprise. (b) Unless the organic rules otherwise provide, a member may not create an enforceable
security interest in the member’s governance rights in a mutual benefit enterprise. (c) The organic rules may provide that a mutual benefit enterprise 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 enterprise. A security interest provided for in the
organic rules is enforceable under and governed by 9A V.S.A. article 9. (d) Unless the organic rules otherwise provide, a member may not compel the mutual benefit
enterprise to offset financial rights against any indebtedness or obligation owed
to the enterprise. (Added 2011, No. 84 (Adj. Sess.), § 1, eff. April 20, 2012.)
Frequently Asked Questions About Vermont § 604
What does Vermont Statutes Online § 604 cover?
Section 604 ("Security interest and set-off") is part of the Vermont Statutes Online, the codified statutory law of Vermont. 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 Vermont § 604?
A common citation format is "Vermont Statutes Online § 604" (Vermont). 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 Vermont law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Vermont official source linked on this page or consult a licensed Vermont attorney.
How does Vermont § 604 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Vermont 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 Vermont.