Section 441-604 - 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, Article 9 of the Uniform Commercial Code.(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.Okla. Stat. tit. 18, § 441-604
Added by Laws 2009 , HB 2148, c. 68, § 60, eff. 1/1/2010.